Angela Merkel faces parliamentary revolt

In order to move the matter of the Greek debt forward, it is necessary that the proposed bailout be approved by the German Parliament. To some surprise it appears that there may be a rebellion within the Christian Democrat party, which Angela Merkel leads.

As she is Chancellor because of a coalition of centre-right parties, there is division between the different parties concerning the huge proposed bailout although it is probable that enough votes will be cast in favour of the proposal.

Many Members of Parliament however fear that there is a hidden agenda whereby part of the debt will be written off to the detriment of EU taxpayers and they are also looking for assurance from the International Monetary Fund (IMF) that it will commit financially to save the Greek economy. 

The IMF however has indicated that it will make no decision until October as it wishes to monitor the reforms taking place within the Greek financial structure. So, the story of the problems of the Greek economy and Euro continues apace.