Markets Tick Higher as German Parliament Backs Greek Bailout Plan

November 30, 2012 7:16 AM EST Send to a Friend
Greece can breathe a little easier Friday amid news that its next aid package is one step closer to being approved.

Germany, one of Greece's biggest creditors, reported that its parliament approved new financing measures for Greece, as it looks to fill in a €14 billion funding gap caused by an additional two-years of payback time being granted. 473 members backed the plan, while 100 voted against it, and there were 11 abstentions.

German finance minister Wolfgang Schäuble previously stated that Germany's vote would decide whether Greece's bailout program continues, or comes to an abrupt halt.

Approval was largely expected after a German opposition party said it would back the measures, though it noted that the plan doesn't go far enough to help Greece.

Financing would result in a €730 million hit to the German budget in 2013, largely from the dismissal of debt repayment.

U.S. futures are indicated higher in early trading Friday.


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