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German Parliament OKs Europe's Latest Greek Bailout Loan

Germany's parliament has endorsed Europe's latest Greek bailout plan.

German lawmakers voted 496-90 in favor of the 130 billion euro ($174 billion) loan package that was agreed by eurozone states last week.

Chancellor Angela Merkel had urged deputies to pass the measure.

Meanwhile, the Standard and Poor's ratings agency cut its outlook for the eurozone bailout fund (EFSF) to "negative."

The agency said it is not confident the EFSF member states will provide needed "additional credit enhancements."

Eurozone finance ministers will meet in Brussels on March 1 to discuss the bailout loan package -- part of a two-pronged rescue plan that also includes promised debt write-offs by many private banks and financial institutions that hold Greek debt bonds.
Based on reporting by dpa, AP, and AFP