Originally posted by the Voice of America. Voice of America content is produced by the Voice of America, a United States federal government-sponsored entity, and is in the public domain. Germany's Government Approves $29.6B for Greek Bailout VOA News 03 May 2010 German Chancellor Angela Merkel briefs the media after a special cabinet meeting to provide Greece with billions in aid as part of an EU bailout plan at the chancellery in Berlin, 3 May 2010 Photo: AP German Chancellor Angela Merkel briefs the media after a special cabinet meeting to provide Greece with billions in aid as part of an EU bailout plan at the chancellery in Berlin, 3 May 2010 German Chancellor Angela Merkel's Cabinet has approved legislation providing Greece with billions of dollars in aid as part of a European Union rescue plan. Ms. Merkel, speaking to reporters Monday in Berlin, said the rescue money will go beyond simply helping Greece, to stabilize the euro in all 16 countries using the currency. She said the bailout will, in her words, "help the people of Germany." The German draft legislation authorizing the $29.6 billion payout now must clear both houses of the German parliament, and is on a fast track to do so by Friday. The European Union and the International Monetary Fund (IMF) on Sunday announced a $146 billion aid package to Greece that requires the government in Athens to enact wide-ranging austerity measures, including spending cuts and tax increases. The bailout is expected to be endorsed by European leaders at a summit later this month.  Germany, the wealthiest EU member, has been reluctant to release funds without Athens taking further austerity measures. Greek Prime Minister George Papandreou said the bailout is necessary for Greece to avoid bankruptcy. He said his country must be willing to make major sacrifices, as laid out in a government plan to cut the national budget deficit by $32 billion. Greek newspapers Monday reacted to the bailout approval, saying it "marks an end of an era in Greece." Ta Nea, a centrist daily newspaper, said the Greek way of life has ended. For its part, the German newspaper Bild called the bailout, which remains highly unpopular with the German public, "the fattest check of all time." U.S. President Barack Obama spoke with Mr. Papandreou by phone Sunday. The president welcomed Greece's reform program along with the "significant support" of the IMF and Eurozone members. Politicians and investors are worried that economic problems could spread throughout the EU if Greece fails to make a scheduled debt repayment later this month. Those concerns grew in the past week when a key credit rating agency, Standard and Poor's, downgraded its credit ratings for Greece, Portugal and Spain. Some information for this report was provided by AP, AFP and Reuters. .