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French parliament approves 2nd Greek bailout

Friday, September 9, 2011

PARIS—France’s lower house of parliament has approved a second European bailout for Greece and austerity measures to cut France’s debts. The parliament approved changes to the 2011 budget allowing for the Greece aid. The amendment also includes tax increases and spending cuts. The National Assembly, dominated by President Nicolas Sarkozy’s conservative party, voted yesterday to approve the measure.

The vote comes amid market uncertainty about the health of the US and European economies and debt woes beyond Greece in larger eurozone countries Italy and Spain. Eurozone leaders agreed July 21 on a second, €109 billion (US$155 billion) aid package for debt-ridden Greece. But the plan has to win approval by parliaments or governments of the 17 eurozone nations. (AP)