Merkel: ‘Incalculable’ Damage If Greek Plan Rejected

Chancellor Angela Merkel won a parliamentary vote on Greek aid after warning German lawmakers that pushing Greece out of the euro would risk “incalculable” damage, defying a public backlash against more bailout funds.

In a vote that showed dissent in her coalition growing, 496 members of the lower house, or Bundestag, voted in favor of the 130 billion-euro ($174 billion) package in Berlin; 90 voted against and five abstained. While questions on Greece’s remaining in the euro “have their justification,” Merkel warned that a failure of the euro might endanger the Europe Union and the global economy.

“I think those risks are incalculable, and therefore indefensible,” Merkel told lawmakers in the Bundestag today. As chancellor, “I should and have to take risks, but I cannot embark on adventures. My oath forbids that,” she said.

Read Full Article from Bloomberg

- Posted: 2012-02-27 12:37:12

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