German legislators approve Greek bailout deal

BERLIN, July 17 (UPI) -- The German Parliament approved starting negotiations on Greece's bailout deal after Chancellor Angela Merkel's impassioned support of the bailout.

In a pre-vote debate, she and Finance Minister Wolfgang Schauble called it a "last attempt" to reorder Greece's finances and bring the country out of crisis. Merkel warned of "predictable chaos" if talks were not begun.

Merkel acknowledged the deal under discussion may not bring Greece out from under its public debt of over 300 billion Euros ($325.8 billion), but for the sake of European unity, "we would be grossly negligent, even irresponsible, if we did not at least try this path."

The Greek Parliament has already voted in favor of austerity measures required for its third bailout in five years, despite protests and objections from the Greek population. Earlier this week the European Central Bank increased emergency funds available to Greece, which is seeking an 86 billion Euro ($93.4 billion) loan.

The vote in the Bundestag, the German Parliament, was 439 in favor of proceeding with the bailout deal negotiated last week and 119 in opposition, with 40 abstentions.

The debate over backing the third bailout has divided the German population, and legislators are divided over whether the deal should include a reduction in Greece's current debt. While Germany has ruled out forgiveness of any debt, the international monetary Fund is urging Germany and other creditors agree to a deep debt reduction.