Germany backs Greece bail-out plan

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Greece has won some respite after Germany's parliament voted in favour of the controversial bail-out plan as Chancellor Angela Merkel warned EU economic stability was at stake.

Germany's lower house of parliament approved the country's €22.4bn contribution to the rescue package after a heated debate in which Merkel was savaged for her handling of the Greek crisis. The upper house will now vote on the bill and if approved, it will become law. Under the terms of the bail-out plan, the 15 other members of the single currency block will provide Greece with €80m and the IMF €30bn. This morning, the FTSE plunged 1.71% amid concern over the Greek crisis and its possible ramifications on the European banking sector. However, London's leading index has stabilised ...

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