German parliament approves 4-month extension to Greece's bailout

The German parliament has approved a four-month extension to Greece's bailout.

The extension had been approved last week by Greece's creditors in exchange for a number of economic reforms and budget cuts but it's still to be ratified by Eurozone members.

While a number of German MPs were publicly skeptical about the agreement, a feeling mirrored by some members of the public, the motion received overwhelming support with 542 votes in favour and only 32 against and 13 abstentions.

"We Germans should do everything possible to keep Europe together as much as we can," said German finance minister Wolfgang Schaeuble

"We're not talking about new billions for Greece [...] rather it's about providing or granting extra time to successfully end this programme."

Analysts had regarded Germany's approval as crucial for Greece, given the former is the dominant economic power in the European Union.