Germany approved its share of the Greece bailout on Monday, May 3. They have agreed to accept Greek bonds as collateral for loans despite fear of downgrades.
The cabinet approved up to 22.4 euros in loans for up to 3 years. The IMF and E.U. countries' rescue plan totals 110 billion euro. The plan is still subject to parliamentary approval, but the bill is expected to pass in all the E.U. countries by the end of the week.
VIDEO: Greece announcing Financial Bailout
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