German Lawmakers Back European Bailout of Spanish Banks

German lawmakers backed a euro-area bailout of Spanish banks after Finance Minister Wolfgang Schaeuble gave assurances that Spain will remain liable for the aid and parliament will be consulted on each step of the rescue.

Lower-house lawmakers were forced to interrupt their summer break as they were recalled to Berlin for a special session on bank recapitalizations for Spain of as much as 100 billion euros ($123 billion). They voted 473 to 97 in favor of the bill after the main opposition parties were persuaded to back Chancellor Angela Merkel’s government and most coalition dissent quelled.