News Summary: German lawmakers OK Greek debt deal

AP News
Posted: Nov 30, 2012 12:05 PM

DEAL APPROVED: German lawmakers overwhelmingly backed a deal aimed at trimming Greece's debt load and keeping the country financially afloat, but the country's finance minister insisted it would be irresponsible to raise hopes of more radical debt forgiveness soon.

THE VOTE: Parliament voted 473-100 Friday to back the complex deal reached by European finance ministers Tuesday. There were 11 abstentions.

THE MONEY: The agreement paves the way for Greece to receive €44 billion ($57 billion) in rescue loans, without which the country would face bankruptcy and a possible exit from the euro. It stops short of forgiving outright debt owed to lead creditor Germany and other eurozone governments.