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7 billion euro short-term loan to Greece approved

The German Parliament voted in favor of authorizing its finance ministry to negotiate a third bailout for Greece. This means that the debt-stricken country is one step closer to receiving much-needed cash from its European creditors.

German Chancellor Angela Merkel earlier outlined the enormous efforts needed by both Greece and Europe. We were live blogging as events unfolded, here's how it happened.

Later on Friday, the council of the European Union approved a 7.16 billion euro short-term loan to Greece under the European Financial Stabilisation Mechanism (EFSM).

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