Germany approves third bailout to Greece

Berlin, Aug 19 (Xinhua) The German parliament on Wednesday approved the third bailout programme for Greece, with a clear majority voting in favour of offering the debt-torn country fresh aid to keep it afloat in the eurozone.

A total of 454 lawmakers voted in favour of the programme, while 113 opposed it and 18 abstained, paving the road for the disbursement of up to 86 billion euros (about $95.12 billion) to Greece, which urgently needs the money to avoid bankruptcy, reported Xinhua.

German Finance Minister Wolfgang Schaeuble, who had previously doubted the effectiveness of the new bailout, told the parliament before the vote that there was no guarantee that the bailout would work, but 'it would be irresponsible not to seize the opportunity for a new beginning'.

According to the agreement between Greece and its international creditors, the fresh aid would be given on the condition that harsh austerity and reform measures including tax hikes, pension cuts and privatisation of state assets were undertaken.

Greece has already received two massive bailouts worth roughly 240 billion euros (about $264.8 billion) since 2010.

Schaeuble said Greece was 'on the right track' and a large part of the reform measures were already adopted by the country's parliament.

'The decision (on a further bailout programme for Greece) is not easy,' he said, but the aid was 'in the interests of Greece and Europe'.

'Our goal is to make Greece get back on its feet as soon as possible,' he said.