German Parliament approves $13 billion aid package for Cyprus by wide margin
BERLIN – The German Parliament has approved a 10 billion euros ($13 billion) rescue package for Cyprus by a wide margin.
Lawmakers voted 487-102 on Thursday in favour of the bailout deal hammered out last month. Thirteen abstained.
Cyprus will receive 10 billion euros in loans after its bloated banking sector threatened to destroy the economy.
Germany, Europe’s biggest economy, insisted on those holding large deposits in Cyprus’ biggest banks to contribute to the rescue. That position was shared by the German opposition.
All the rescue agreements involving euro countries need approval from the German Parliament.
Although some in Chancellor Angela Merkel’s centre-right coalition are uneasy about bailouts, the main opposition parties so far have supported them.
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