Bundestag debates Greek bailout

On Wednesday, German Finance Minister Wolfgang Schäuble took to the podium as first speaker on what promises to be a long day devoted to the Bundestag's decision to approve a third bailout for Greece.

The Greek parliament and the eurozone have already signed off on the measures, which would provide Greek with up to 86 billion euros over the next three years to help debt-stricken Greece avoid defaulting on its loans. The bailout is tied to reforms in Greece affecting, among other things, the country's pension program and tax structure.

While it is likely that the Bundestag will pass the measures in line with the eurozone and the German cabinet, several lawmakers from Chancellor Angela Merkel's Christian Democratic Union (CDU) are expected to break ranks and vote against Greece's third bailout.

Many are hesitant to pass another bailout for Greece without the explicit participation of the International Monetary Fund. While the IMF's head, Christine Lagarde, voiced her approval of the deal last week when eurozone finance ministers voted to accept it, an official decision on the IMF's participation will not come until October. Schäuble said that there was not "the slightest doubt" that the IMF would sign off in October given that Lagarde endorsed the bailout now.

In the Bundestag, the bailout was also expected to attract support from other parties in the chamber, including Merkel's junior coalition partners, the Social Democrats, and the opposition Greens.

In a mock vote on Tuesday to test the mood among Merkel's Christian Democrats (CDU) and their Bavarian sister party the CSU, 56 of the 311 conservative lawmakers voted against the bailout, while four of them abstained.

Lawmakers in Spain, Estonia and Austria voted toratify the deal on Tuesday.

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mz/jil (AFP, Reuters, dpa)