German Parliament Approves Third Greek Bailout

German MPs have overwhelmingly approved a third bailout deal for Greece, despite opposition from some conservative politicians.

The final vote was 454-113, with 18 politicians choosing to abstain, following concern that Chancellor Angela Merkel could face dissent from conservatives in her ruling bloc.

German Finance Minister Wolfgang Schaeuble said earlier today that it would be "irresponsible" for his fellow MPs to reject the bailout, as it was an opportunity to "seize the chance" for a new beginning in Greece.

But some German MPs were worried about whether the International Monetary Fund would back the deal along with them.

In a vote last month over whether to even begin negotiations on a bailout, 60 of Angela Merkel’s Christian Democrats/Bavarian CSU alliance MPs refused to support her, and there was speculation the number could be much higher today.

In the end however, just 63 out of a total 311 of the ruling block rebelled.

The package, worth €86bn (£61bn), will be paid in installments spread over the next three years.

The first payment will total €26bn; €10bn will be used to recapitalise the Greek banking system and the remaining €16bn, paid in parts, will largely go towards repaying debts.

It has been agreed that €13bn will be released by August 20, as Greece is due to make a repayment of €3.2bn – rising to closer to €3.4bn once interest has been taken into account – to the European Central Bank (ECB).