The German parliament’s budget committee approved a draft law on Wednesday on Germany’s contribution to the Greek financial package.
The vote was along party lines with PM Merkel’s coalition parties of Christian Democrats, their Bavarian Christian Social Union affiliates and the Free Democrats all backing the plan. The German parliamentis now on schedule to vote on the draft on Friday.
The Bundestag or lower house is the key entity voting.
The upper house or Bundesrag will rubber stamp it. So far, the coalition is holding together and will likely pass the Greek debt package on Friday. The opposition party has waffled on the deal as to whether to support it or not. They are focusing on the enforcement of the austerity plan before the funds are released.
Once passed, the bill will be signed into law and then presented to the Euro Zone meeting on Friday night. There is likely to be a constitutional challenge to the agreement, but this will not impede the flow of money to Greece.
There is a regional vote on Sunday in Germany’s most populous state, the North Rhine-Westphalia.
