The German parliament has ratified the Greek bailout despite a record number of votes against the legislation. This could show that Angela Merkel is taking big political risks to help Greece, according to The Wall Street Journal.
The vote will allow almost $14 billion to go to Greece on Thursday, immediately alleviating some of the country's financial problems. "The Greek government is bound to implement this wide-ranging reform package with determination, and we will monitor the process closely," Finance Minister Jeroen Dijisselbloem said, according to The Wall Street Journal. "We are certain to encounter problems in the coming years, but I trust we will be able to tackle them."
Chancellor Angela Merkel's party has an overwhelming majority in Parliament, to the tune of about 80 percent, so approval of the bailout was never really in question. The motion passed 453-113. However, 63 of Merkel's 31 conservative Parliament members voted against the bailout, according to The Economic Times. Three abstained from the vote completely.
Thanks to the bailout, Greece can now pay 3.2 billion euros to the European Central Bank right away, paying off some of the country's debt, according to Reuters. This will be the third bailout Greece has received since 2010. Greece has paid off some of their debts with interest already.
