France’s National Assembly on Wednesday easily approved a European Union bailout package for the Greek economy, a move that closely followed approval of the bailout by Germany’s Constitutional Court.
The Greek bailout is estimated at around USD 155 billion to avoid a debt default by Athens. It follows a first bailout of USD 110 billion in 2010.
The National Assembly press office confirmed the vote which took place with a show of hands. President Nicolas Sarkozy, a strong backer of the bailout, has a broad majority in the parliament and his conservative Union for a Popular Majority (UMP) and allied deputies easily outweighed opposition to the bailout.
France’s leading opposition Socialist party abstained in the ballot.
France is heavily exposed to Greek’s burgeoning debt, with three major banks here owed over USD 12 billion, alone, while other financial institutions are also exposed.
The French Stock Market surged on Wednesday after the German approval decision, gaining 3.63 percent to close at 3,073.18 points in moderate trading.
The embattled Euro also gained ground in the late afternoon, rising to USD 1.4091, up 0.61 percent.