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Updated: April 26, 2010 20:45 IST

German parliament to draft bill for Greek bail-out loan

DPA
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German Chancellor Angela Merkel poses prior to a birthday reception for the former German President Richard von Weizsaecker at the Bellevue Palace in Berlin. File photo: AP.
German Chancellor Angela Merkel poses prior to a birthday reception for the former German President Richard von Weizsaecker at the Bellevue Palace in Berlin. File photo: AP.

German Finance Minister Wolfgang Schaueble met with parliamentary leaders of the country’s main political parties on Monday to discuss a fast-track bill that would enable billion of euros of aid to debt—stricken Greece.

All of the parliamentary parties were “essentially ready to help financially endangered Greece,” Schaueble said following the meeting.

Mr. Schauble said that a bill could now be prepared within the next week. It would clear the way for some 8.4 billion euros (11.2 billion dollars) in financial aid through a state bank.

Greece must first however agree upon a further series of budget cuts with the International Monetary Fund (IMF), which is currently consulting with the government in Athens.

An EU bail—out for Greece hinges on German approval, which would contribute the largest single amount of the 45—billion—euro facility from eurozone members and the IMF that Greece requested last week.

Such a loan, however, is highly unpopular amongst the German public.

Opposition Social Democratleader Sigmar Gabriel accused the government of attempting to delay a full decision on Greek aid until after a key state election on May 9.

Chancellor Angela Merkel is due to give a statement on the issue later on Monday.

Keywords: Conditional aid

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