Germany Approves Backing of Greece Bail-Out, to Contribute Nearly $28 Billion to Plan

Germany’s parliament has approved a bill that will contribute nearly $28 billion to a bail-out package designed to save Greece’s debt-ridden economy.

The approval came after Greece agreed to austerity measures on Thursday that emphasized dramatic cutbacks and increased taxes to curb their economic woes. Accepting those measures was necessary for Greece to be offered a $142 billion aid package by its 15 partners in the eurozone as well as the International Monetary Fund.

Protesters in Greece have taken exception to what they consider unacceptable austerity measures including cuts to pensions, pay freezes, bonus cuts, a rise in retirement age and increases in taxes.

European countries fear that Greece’s economy could drastically slow the global economic recovery and making the decision to fund a bail-out package is necessary. In addition to Germany bit France and Italy have passed bills to contribute to that package.

That loan package will likely be finalized on Friday when the heads of state from the eurozone gather for an emergency summit in Brussels.

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