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Spain receives bailout from Germany

Germany has voted to help Spain by bailing out Spanish banks with a stimulus of about $123 billion, or 100 billion euros. 

Germany’s lower house voted 473 to 97 in favor of the bailout in a one-day special summer session, according to Bloomberg. 

The vote was seen as a victory for German Chancellor Angela Merkel, who has lost some support over questions about how much of the cleanup from the European debt crisis relies on German taxpayers, according to Reuters.

German Finance Minister Wolfgang Schaeuble told lawmakers that not supporting the bailout could be problematic for all of Europe. 

“Any problems in the Spanish banking sector are a problem for the financial stability of the eurozone,” he said. 

Spain is the fourth nation to receive funds during the three-year-long debt crisis, according to Reuters.

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