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Edition: U.S. Article Comments (0) Save Email Print Reprints Most Popular Most Shared Global stocks hover near three-month low | Video 10:40am EDT Huge chamber being positioned over Gulf oil leak | Video 10:56am EDT Nasdaq names stocks with cancelled trades 8:03am EDT Americans "bombarded" with cancer sources: report 06 May 2010 REFILE-US to announce Mexico trucking plan soon-LaHood 06 May 2010 Stock plunge raises alarm on algo trading | Video 06 May 2010 Crime riles Arizonans bent on immigration crackdown 06 May 2010 BP, other oil spill companies start the blame game 06 May 2010 UPDATE 3-US stock plunge raises alarm on algo trading 06 May 2010 Conservatives try for coalition after UK election | Video 11:36am EDT Stock plunge raises alarm on algo trading 8:31am EDT The Science of Success 27 Apr 2010 REFILE-US to announce Mexico trucking plan soon-LaHood 06 May 2010 Americans "bombarded" with cancer sources: report 06 May 2010 Stock plunge raises alarm on algo trading | Video 06 May 2010 Freshway Foods recalls romaine lettuce 06 May 2010 Bad night's sleep can hamper body's insulin use 05 May 2010 Neanderthals live on in some of us: DNA study 06 May 2010 BP turns to Twitter, Facebook on spill information 06 May 2010 BP, other oil spill companies start the blame game 06 May 2010 German lawmakers back Greek aid package Dave Graham BERLIN Fri May 7, 2010 11:03am EDT Related News Dutch parliament approves Greek aid package 11:02am EDT Bundestag lower house of parliament deputies cast their vote on a proposal to release a financial aid package to Greece in Berlin May 7, 2010. Credit: Reuters/Thomas Peter BERLIN (Reuters) - Lawmakers in Berlin and other euro zone capitals on Friday backed emergency aid for Greece, clearing key hurdles for a package that German Chancellor Angela Merkel has said will determine the future of the European Union. World | Greece After an accelerated legislative process, 390 deputies in Germany's lower house of parliament, the Bundestag, voted in favor of a bill that could see the country lend Greece 22.4 billion euros over three years. A total of 72 lawmakers voted against and 139 abstained. In a separate sitting, the Bundesrat upper house also approved Germany's contribution to a 110 billion euro rescue plan that was agreed by the International Monetary Fund (IMF) and euro zone members last weekend. Politicians in Spain and Portugal -- two of the countries the market views as most at risk of contagion from Greece's spiraling debt crisis -- approved their governments' smaller contributions. In Den Haag, the Dutch parliament effectively granted approval for the country's 4.7 billion euro ($6.3 billion) contribution, by rejecting a motion against it [ID:nWEA0965]. Up against debt servicing costs that are rising almost daily, Greece faces a race against time to start tapping the rescue package ahead of a May 19 deadline for refinancing an 8.5 bln euro bond. A potential delay to payments from the package's biggest contributor Germany came via a lawsuit filed in the country's highest court by a group of academics. The suit, which had been expected, is thought to have little chance of success. Martin Ibler, an expert on constitutional law from the University of Konstanz, said he did not believe the academics' complaint, nor their attempt to seek a court injunction to prevent President Horst Koehler signing off the aid bill, would succeed. However, the constitutional court could set out arguments in a justification for its ruling that would "state more precisely and limit the scope" of the government and parliament's ability to act on future cases like Greece, Ibler said. One former judge of the court, who declined to be named, told Reuters this week he was skeptical the court action would succeed and that he did not expect the Greek loans to be held up by it. 'NO ALTERNATIVE' Earlier Finance Minister Wolfgang Schaeuble told the Bundestag the aid would uphold Germany's postwar legacy of serving peace in Europe. "The joint European currency, the joint European economic area were right," he said. "There is no comparable alternative to them in the 21st Century in the age of globalization. That is why we must defend the joint European currency." Despite initial resistance to agreeing Greek aid due to massive popular opposition to a bailout, Merkel said this week the future of Europe depended on approving the package. Schaeuble said that, given the options available to legislators, policymakers agreed there was no alternative. "The President of the Bundesbank, the President of the European Central Bank, the director of the IMF, and many others say it would be devastating to risk allowing a member of the euro zone, Greece, to become insolvent," he said. Debt restructuring was not the answer either, he added. The voting coincided with increasing political scrutiny of the bailout in the run-up to an election on Sunday in North Rhine-Westphalia (NRW), Germany's most populous state. If Merkel's center-right coalition of conservatives and pro-business Free Democrats (FDP) lose, they will forfeit their majority in the Bundesrat, making them reliant on the opposition to pass many laws. The aid bill got backing from Germany's opposition Greens, though the opposition Social Democrats said they would abstain. In Lisbon, both the ruling Socialists and the opposition center-right Social Democrats backed Portugal's 2.06 billion euro ($2.76 billion) share of the package, which was approved by the country's parliament. In Madrid, the Spanish cabinet in turn approved a 9.8 billion euro ($13.15 billion) payment. Additional reporting by Sarah Marsh, Christopher Lawton, Paul Carrel, Axel Bugge and Liz O'Leary; Editing by Charles Dick, John Stonestreet) World Greece Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Analyst Research Mobile Newsletters RSS Podcasts Widgets Your View Labs Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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