BERLIN
The German parliament has approved extending Greece's bailout program by four months, following a deal between Athens and the Eurozone on the continuation of reforms in the Greek economy.
A total of 542 German lawmakers voted Friday in favor of the extension of Greece’s €240 billion ($274 billion) bailout deal, which expires on Feb. 28, with 32 lawmakers voting against and 13 abstaining.
Chancellor Angela Merkel’s conservative-left coalition government had put its weight behind the extension of the bailout program following Tuesday’s agreement between Athens and Eurozone.
Leaders of opposition parties The Greens and the Left Party also expressed their support for extending the program during the debate in parliament.
German Finance Minister Wolfgang Schaeuble said that it was not an easy decision for German lawmakers to decide on the extension, but underlined that it was important for Greece’s economy and also for the unity of Europe.
'Trust undermined'
Schaeuble told lawmakers at the parliament, ahead of the vote: "It does not mean new billions of euros for Greece.
"It is not about any changes on the program, but rather it is about the allocation of additional time to successfully conclude it."
Schaeuble criticized the Greek government for questioning the program and seeking changes on the agreed commitments, arguing that it had undermined trust.
"The discussion before and after the elections in Greece, but also in the past days and hours, have not made this decision for extending the program easier," Schaeuble added.
He renewed Germany’s expectation that Greece sticks to the program and said they would have intense talks with Athens in the coming days on the details.
“Greece has committed not to take any unilateral step, without the approval of the three institutions,” Schaeuble stressed, referring to the Greece's "troika" creditors of the IMF, European Central Bank and the European Commission.
'Vague' list
Eurozone finance ministers agreed last Tuesday for the extension after the Greek government presented commitments to continue reforms.
Under the deal, Greece’s young coalition government, led by left-wing SYRIZA, made a sudden turn away from its core electoral promises of overturning the bailout program, imposing a large haircut on Greece’s external debt and hiring public sector employees.
Greek Finance Minister Yanis Varoufakis defended the deal Thursday and argued that it left room to manoeuvre for Athens.
"It is for the benefit of the Greek government and Greek society that the reform list is vague in many areas and leaves margins in order to make interventions," he said in an interview with private channel Ant1 TV.
