German Parliament to Vote on Greek Bailout On Wednesday

On Wednesday, German lawmakers are expected to vote on the ratification of Greece's third aid package amid stiff opposition within the ranks of the ruling bloc.

MOSCOW (Sputnik) — Up to 120 out of 311 members of Christian Democratic Union of Germany (CDU) and the Christian Social Union (CSU) could refuse to back the bailout deal during Wednesday voting, according to estimates by the German Bild newspaper.

In July, 65 lawmakers from the center-right CDU broke ranks and said "No" to negotiating another bailout for Greece. Many parliamentarians remain skeptical over the implementation of strict austerity measures for Athens in exchange for the rescue funding.

The measures Athens has pledged to implement include tax increases, changes to VAT rates, pension reforms, complete independence for the Greek statistical authority ELSTAT, and adherence to the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union.

The Bundestag vote follows the Eurogroup approval of a 86-billion-euro ($93-billion) bailout package to assist Greece in paying back its enormous debt.

Debt-ridden Greece is due to receive multibillion financial aid in loans over three years. It owes more than $270 billion to the International Monetary Fund, the European Central Bank and Eurozone nations.