1st LD Writethru: German parliament approves Greek bailout

The German parliament on Wednesday approved the third bailout program for Greece, with a clear majority voting in favor of offering the debt-torn country fresh aid to keep it afloat in the eurozone.

A total of 454 lawmakers voted in favor of the program, while 113 opposed it and 18 abstained, paving the road for the disbursement of up to 86 billion euros (about 95.12 billion U.S. dollars) to Greece, which urgently needs the money to avoid bankruptcy.

German Finance Minister Wolfgang Schaeuble, who had previously doubted the effectiveness of the new bailout, told the parliament before the vote that there was no guarantee that the bailout would work, but "it would be irresponsible not to seize the opportunity for a new beginning."

According to the agreement between Greece and its international creditors, the fresh aid would be given on the condition that harsh austerity and reform measures including tax hikes, pension cuts and privatization of state assets were undertaken.

Greece has already received two massive bailouts worth roughly 240 billion euros (about 264.8 billion U.S. dollars) since 2010.

Schaeuble said Greece was "on the right track" and a large part of the reform measures were already adopted by the country's parliament.

"The decision (on a further bailout program for Greece) is not easy," he said, but the aid was "in the interests of Greece and Europe."

"Our goal is to make Greece get back on its feet as soon as possible," he said. Endi