German cabinet submits Greek aid bill
German Chancellor Angela Merkel's cabinet approved legislation on Monday that would give Greece $29.6 billion over three years as part of a wider bailout, as the German government acknowledged that letting Greece go bankrupt could send the euro into a tailspin and hurt Germany's own economy.</br></br>"It doesn't only mean that we help Greece, but that we stabilize the euro as a whole, which helps people in Germany," said Merkel, who had been battered by critics for waiting to decide until Greek bonds were relegated to junk status last week.</br></br>The remark was a nod to the popular discontent in Europe's biggest economy about having to pay so much to rescue a fellow European Union country that many Germans feel has been fast and loose with its finances for years.</br></br>Both moves were mandatory after European governments and the International Monetary Fund agreed Sunday to give $145 billion in loans to Greece over three years. The loans came after Athens adopted a new round of austerity measures that provoked fresh uproar among Greek workers.</br></br>Germany would contribute $11.1 billion for this year, followed by $18.5 billion over 2011 and 2012. The money would come in the form of credit extended to Greece from KfW Development Bank, which is backed by the German government.