CRI听力:Germany, European Commission Approve Opening up of Negotiations

German lawmakers have given their overwhelming approval to the opening of detailed negotiations with Greece on a new bailout package.

A total of 439 lawmakers voted in favor of the talks, with 119 opposed and 40 abstentions.

The vote followed an over-three-hour debate where German Chancellor Angela Merkel told lawmakers that it was not only a decision on Greece, but also a decision on the future of a strong Europe.

The chancellor says the third bailout is the only possible option to save Greece and European solidarity.

Also on Friday, European Commission Vice President Valdis Dombrovskis said the Eurogroup has agreed to launch negotiations on a three-year bailout programme with Greece on a European Stability Mechanism bailout.

"The Eurogroup reached an agreement in principle to launch negotiations on a new ESM programme. National procedures are expected to confirm this decision."

Dombrovskis adds that the 28-country bloc has approved 7.16 billion euros of bridge financing for Greece and would be given to Greece by Monday.

"We have an agreement on the bridge financing for Greece based on the ESM loan. This agreement backed by 28 European Union member states prevents Greece from an immediate default. It means that 7.6 billion euros will reach Greece on time by Monday."

The bridge loan will allow Greece to clear its arrears with the International Monetary Fund (IMF) and the Bank of Greece and to repay the European Central Bank.

Greece has a 4.2 billion-euro payment due to the European Central Bank on Monday.

Without the so-called bridge financing it would not have been able to make the payment.

IMF Managing Director Christine Lagarde says debt restructuring is needed for Greece to free up to unleash the potential of its economy.

"I'm very realistic, and we try to be. What we heard loud and clear is that the Euro area members are not particularly keen to do haircuts. That was clear. And budget transfers is not in the cards either. You know, I think what we said is significant restructuring, which can take the form of a reprofiling for Greece."

Though the broad outlines of the bailout were agreed Monday, specific terms are now being fleshed out between Greece and its European creditors.

The process is expected to last around four weeks and to lead to Greece getting around 85 billion euros to help it pay off upcoming debts.

In return, Greece has accepted reforms that include significant pension adjustments, value added tax increases, an overhaul of collective bargaining rules and tight limits on public spending.

For CRI, I'm Guo Yan.