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Germany approves second Greek bailout

The 130 billion euro rescue is the second for Greece.

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German Chancellor Angela Merkel (R) speaks with Lower Saxony's State Premier David McAllister at a session at a meeting of Germany's lower house of parliament on February 27, 2012 in Berlin. (John Macdougall /AFP/Getty Images)

German parliament widely approved a second bailout for Greece on Monday as part of Europe's effort to keep indebted Greece out of bankruptcy. 

The latest rescue package is worth 130 billion euro. German parliament voted for the package 496-90, Bloomberg reported. Five German lawmakers abstained from voting.  

Reuters said the affirmative vote comes even as Germany becomes increasingly wary of Greece's ability to implement tough austerity measures in an attempt to get its economy back on track.

Local news reports in Germany Monday urged lawmakers not to keep going down a wrong path, the Wall Street Journal reported

In an address to lawmakers Monday, German Chancellor Angela Merkel acknowledged “The road that lies in front of Greece is long and truly not without risk,” the Associated Press said. Still, she told lawmakers it would be irresponsible to risk a Greek bankruptcy.

Greece already has received a 110 billion euro bailout from the International Monetary Fund and other euro zone countries.

But "more than two years of harsh austerity implemented to secure the rescue funds have left the economy in freefall, with businesses closing in the tens of thousands and unemployment at a record high 21 percent in November," the Associated Press said

http://www.globalpost.com/dispatch/news/regions/europe/germany/120227/germany-approves-second-greek-bailout