German Parliament Approves of New Greek Bailout if Others Share Risk

German Parliament voted in favor of approving another bailout for Greece Friday, supporting Finance Minister Wolfgang Schaeuble's request that private creditors share the burden of any potential loss.

Schaeuble has argued that Greece should refinance its current bonds for bonds with longer maturities. This way, the country has time to sort its finances out and prepare a realistic payback plan.

According to the Washington Post, "The Bundestag lower house passed a non-binding resolution supporting new aid for Greece under conditions laid out by Schaeuble ahead of negotiations with other eurozone governments over a potential new aid package."

Discussions between the European Union, International Monetary Fund, and other European leaders are expected to continue through June. Finance ministers have hoped for a resolution to the situation by mid-summer.

Greece was the recipient of a $146 billion bailout package in 2010. Since then, the nation has struggled against a difficult financial environment and decreased confidence.