German parliament approves second Greek bailout

FRANKFURT (MarketWatch) -- Germany's parliament on Monday backed the 130 billion euro ($174 billion) bailout for Greece. The Bundestag approved the plan, which was agreed by euro-zone finance ministers last week, in a 496-to-90 vote, with five abstentions. That gives German Chancellor Angela Merkel permission to back the bailout when European Union leaders gather later this week at a summit meeting to formally approve the package. Earlier, Merkel urged lawmakers to back the package but acknowledged there was no guarantee it would succeed.