Chancellor Angela Merkel today said she was optimistic that the German parliament would pass legislation clearing the way for a multi-billion euro Greek bailout by Friday and that she would work towards that goal.
Speaking to reporters in Bonn, Mrs Merkel said she welcomed Greece's agreement with the European Union and IMF. She said her cabinet would review the deal tomorrow in Berlin, setting in motion the legislative process that could be done by Friday.
"If everything goes well, Germany could pass the measures for the Greek help by Friday," said Mrs Merkel, adding she was extraordinarily pleased that talks over the successful talks. "I'm going to work for the Greece programme and its passage."
German finance Minister Wolfgang Schaeuble praised Greece's fiscal reform efforts today. Speaking to reporters in Brussels, Mr Schaeuble said he had a lot of respect for the Greece austerity measures.
"We should have great respect for the Greek government, for measures on restructuring and for measures to win back the fiscal stability and economic competitiveness. That's a strong programme. It's a good basis for our talks," he said.
"We've got to talk about the results of the negotiations. We have to get more information."
Mr Schaeuble also said Germany was well-prepared to push through legislation needed for German support. He said it should be possible to complete the legislative process by Friday.
"All Europeans - and Germans are Europeans - have the same goal that we have here with what we're doing of defending the stability of the euro zone as a whole," he said.
Earlier, economy minister Rainer Bruederle said Germany will "closely examine" the agreement between Greece, the European Union and the IMF on the financial bailout before deciding on its contribution.
Mr Bruederle said he expects Greece to quickly and credibly fulfill the reform measures it agreed to implement.
"The analysis that we now have received shows quite clearly the gigantic and long delayed need for
fiscal reform in Greece," said Mr Bruederele, whose Free Democrats have been especially resistant to German involvement in a Greek rescue.
"Just as Germany and German citizens will stand for the stability of the euro zone, I now expect the very same from the Greek government - and that they quickly, decisively and credibly implement to the letter of the law the fiscal reforms."
Germany will make the largest contribution to the rescue. Mr Bruederle added that it was essential to ensure that a repeat is prevented.
"This can't be allowed to happen again," he said. "We've got to create rules in Europe that allow
effective advance counteraction with state fiscal crises. We need an early warning system...if necessary, with sanctions attached."
Mr Bruederle said that there should also be scope for orderly state bankruptcies.
Reuters