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Euro nations take a vote on Greece bailout ahead of crucial meetings

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August 19
6:43 AM 2015

Greek is heading towards a third round of bailout package when the crisis-hit nation is about to make repayment of euro 3.2billion to the European Central Bank. The third bailout plan for ailing Greece economy is creating tremors in the European Union (EU). German's decision is crucial on Wednesday.

German finance minister Wolfgang Schaeuble urged lawmakers to approve the euro 86B ($95bn) new bailout to Greece in a Parliament vote on Wednesday. He also further clarified that he had no qualms about urging fellow lawmakers to approve the bailout package. The future course of bailout package is likely to be decided after Wednesday

All eyes on Germany as it's going to play a major role in the approval of the bailout package. The German finance minister's endorsement would also help Chancellor Angela Merkel win support for the bailout.

Schaeuble is also optimistic that International Monetary Fund's (IMF) its imprimatur will enable many lawmakers to guarantee the implementation of stringent measures in reforms and budgetary targets. 

Schaeuble said: "If Greece does everything that we have agreed, then this program is designed over the next three years to bring Greece back onto a sustainable path."

Earlier, the news making rounds was that though lawmakers agreed to support the bailout package, they wanted IMF to take part in the program. The Bundestag is scheduled for voting on Wednesday (19 August) to approve the euro 86billion bailout package.

While Germany is coming out with an assurance, on the other hand, it's creating tremors in the Dutch Parliament and other European nations as well. The Dutch government is heading towards no-confidence motion over the euro 86billion bailout package for Greek.

The Eurozone finance ministers approved the third round of bailout plan for Greek last week. Though Dutch government doesn't have any direct say as Germany has, Liberal Party (VVD) led by Prime Minister Mark Rutte is not willing to support the bailout package openly. The support to the bailout package is triggering a political storm for the Dutch government.  

Dutch Parliament meets on Wednesday by holding an extraordinary session. Though it doesn't require any session, Spain has also conveyed a formal ballot on the bailout package issue. Austria parliament is also scheduled for meeting on Wednesday. It's expected to approve the package. 

Ever since the Syriza-led coalition assumed Greek office in eight months ago, the bailout package and economy measures have been rattling the government. 

Yanis Varoufakis, former finance minister in Greek, criticized European leaders for allowing oligarchs to keep their holding on Greek society. He also said that Greek parliament okayed an agreement with global creditors to allow oligarchs, who dominate the many parts of the economy, and this will lead to making huge profits and avoid paying taxes.

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