German upper house of parliament backs Greek aid

BERLIN (BestGrowthStock) – The German upper house of parliament on Friday approved a law to free up Germany’s contribution to a multi-billion euro rescue package for Greece, despite widespread public opposition to the measure.

The bill means Germany could contribute up to 22.4 billion euros ($28.5 billion) to a 110 billion euro, 3-year rescue plan agreed by the International Monetary Fund (IMF) and euro zone members.

German President Horst Koehler, a former IMF managing director, must now sign the bill into law.

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(Writing by Dave Graham)

German upper house of parliament backs Greek aid