Germany approves Greek aid

BERLIN, May 7 (UPI) -- The German parliament approved its contribution to an international rescue package for Greece Friday in a vote that has financial and political implications.

German Chancellor Angela Merkel has been blamed for reacting slowly to the Greek debt crisis that has shaken equity markets on worries a default in Greece would undermine the euro. On the other hand, German funds headed to Greece to help a separate country dig itself out of its own overspending has been a tough sell in Germany, where regional elections are to take place in the North Rhine-Westphalia region in two days.

After a heated debate, Germany's lower house, the Bundestag, approved the $28.5 billion contribution with 391 of 622 legislators voting yes, The New York Times reported.

The upper house, the Bundesrat had already approved the measure.

"It would be devastating to even risk a chance of Greece, a member of the euro zone, going bankrupt," German Finance Minister Wolfgang Schauble said prior to the vote. "We have to reject any idea of Greece attempting to pay off its own debts if we want any chance of preserving the stability of the common currency."

The European Union and the International Monetary Fund have agreed to a loan package of $143 billion to help Greece climb out of debt. Each of the 27 EU member states needs to ratify their pro-rated contributions, the largest share falling to Germany with the region's largest economy.