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German parliament approves Greece aid package

German parliament approves Greece aid package© Reuters. Euro coins are seen in front of a displayed Greece flag in this picture illustration

BERLIN (Reuters) – Germany’s parliament on Friday approved a financial aid package for Greece that is designed to ensure Athens can stand on its own feet after it exits a third bailout programme in August.

The parliament voted by a wide majority to approve the package of measures, which include extended maturities and deferred interest payments on many loans as well as a 15 billion euro cash injection.

The package, agreed by euro zone finance ministers meeting in Luxembourg last week, must be approved by national parliaments in several countries.

Greece has been living primarily on money borrowed from euro zone governments in three bailouts since 2010, when it lost market access because of a ballooning budget deficit, huge public debt and an inefficient economy and welfare system.

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Source: Investing.com

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