German Parliament Approves Bailout Package for Greece

October 01 00:00 2011

New York, October 1 ( – The German Parliament has put its weight behind the notion that Germany will help bailout fellow European countries who have been reeling from a devastating economic crisis. The decision was passed with an overwhelming majority with 525 representatives voting for the notion and a mere 83 voting against it.

However, this bailout may have more to do with fear and less to do with benevolence of the German government. The Greek crisis has the power to engulf the entire continent and maybe even the entire world. President Barack Obama of the US has been quoted saying that the Greek crisis scares US economy.

However, whether the bailout is enough is yet to be known. But, it sure is a major confidence booster for the troubled European countries as well as financial markets worldwide. There are six other countries that have to pass similar packages if European economy has to stand any chance of being salvaged at all.

The earlier bailouts that were passed have fallen short of the task requiring a new round. The world was skeptical as there were concerns about the common German populace being against defending their European peers. The world breathed a temporary sigh of relief as Germany puts its weight behind fighting the crisis.