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Greece - German Parliament approves new Greek bailout plan

German lawmakers on Friday voted overwhelmingly in favour of a new bailout plan for Greece after German Chancellor Angela Merkel warned that Greece would face chaos without a deal.

The bailout of Greece took several big strides forward Friday after German lawmakers overwhelmingly gave their backing to another financial rescue and the European Union confirmed it would get Athens enough money to avoid an imminent debt default.

The developments, which capped a week in which Greece has cleared a string of hurdles, prompted a positive assessment from Europe's bailout fund. In a statement, the European Stability Mechanism said its board of governors approved a "decision to grant, in principle, stability support to Greece in the form of a loan program."

Though the broad outlines of the Greek bailout were agreed Monday by the eurozone's 19 leaders, the ESM's decision formally kick-starts the process by which Greece negotiates the nitty-gritty of its bailout program.

The discussions, which are expected to last four weeks, will include economic targets and reforms deemed necessary in return for an anticipated 85 billion euros ($93 billion) over three years.

Read more: Europe - German Parliament approves new Greek bailout plan - France 24

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