German Vote Paves The Way For Greek Bailout

Published August 19, 2015 at 12:06 PM EDT

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German Chancellor Angela Merkel casts her vote on a third bailout package for economically-troubled eurozone member Greece as she attends a meeting of the German federal parliament, or Bundestag, on August 19, 2015 in Berlin, Germany. (Adam Berry/Getty Images)

German lawmakers voted overwhelmingly today to approve a third bailout for Greece – one of the final steps toward keeping Greece from defaulting on its debt in the next 24 hours. The $93 billion rescue package will allow Greece to make a debt repayment to the European Central Bank within the next 24 hours.

While skeptics question whether Greece will ultimately be able to live up to the conditions of the complicated bailout agreement, supporters say the move is in the interest not only of Greece, but of Europe as a whole.

Maximilian Hofmann, Brussels bureau chief for Deutsche Welle, joins Here & Now’s Jeremy Hobson to explain the bailout and what it means for Greece and Europe.

Guest

Maximilian Hofmann, Brussels bureau chief for Germany’s international broadcaster Deutsche Welle. He tweets @maxhofmann.