German MPs to vote on Greek bailout on Wednesday

German MPs will be recalled from holiday on Wednesday to vote on the proposed bailout for the Greek economy, Bundestag speaker Norbert Lammert said on today. Eurozone finance ministers on Friday approved a package worth 86 billion euros (USD 96 billion) in exchange for far-reaching pro-market reforms. Germany, as Europe's biggest economy and contributor to Greek aid, has a key role in approving the package.

Analysts say approval on Wednesday is almost certain, given that the governing coalition of conservatives and Social Democrats has 504 out of 631 seats in the assembly. The main interest is in the scale of any revolt by deputies in Chancellor Angela Merkel's conservative bloc, they say. On July 17, the Bundestag was recalled from its summer break for a first vote on giving the green light to start negotiations on the bailout.

It was opposed by 60 out of the 311 legislators in the Merkel's Christian Democrat / Christian Social Union bloc. The Dutch and Austrian parliaments are also required to vote on the deal, which was approved by the Greek parliament early yesterday after an exhaustive debate. Merkel will address MPs before the vote before leaving on an official visit to Brazil.