The German cabinet has approved draft legislation to bail out debt-ridden Greece. The bill covers Germany's contribution of up to 22.4 billion euros over a period of three years.

The rescue plan is part of the 110-billion-euro aid package reached by the Greek government, the European Commission, the European Central Bank and the International Monetary Fund. German Chancellor, Angela Merkel, says the plan will also contribute to the overall stability of the eurozone. IMF officials say Greece will receive the first aid within a week.