German finance minister calls for Greece debt deal support

German finance minister calls for Greece debt deal support

PanARMENIAN.Net - Germany's finance minister is urging lawmakers to support a deal to trim Greece's debt load and keep the struggling country afloat financially, The Associated Press reports.

The deal reached by European finance ministers earlier this week paves the way for Greece to receive €44 billion ($57 billion) in critical rescue loans. It also includes measures including a debt buyback program and an interest rate cut on loans to reduce Greece's debts.

Germany's Parliament has to approve eurozone rescue measures. Bailing out Greece and others hasn't been popular in Germany and there has been growing unease in Chancellor Angela Merkel's coalition, but a solid majority is expected Friday, Nov 30. Two opposition parties are expected to vote in favor.

Finance Minister Wolfgang Schaeuble says blocking loan payouts would have "consequences not just for Greece but the whole of Europe."

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Turkey made the request under Article 4 of NATO's founding treaty, which allows countries to ask for consultations.
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The deal, which still needs approval from Greece's parliament, will be the country's third bailout in five years.
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