The consequences of failure could be dire.
Many economists think Greece will eventually default anyway, which could deal a sharp blow to the euro and lead to sharply higher borrowing costs for other indebted countries in Europe.
Default, or market contagion to other countries could lead to panic, intimidating consumers from spending and making banks fearful to lend money to businesses and consumers.
In Germany, where bailing Greece out is unpopular, both houses of parliament approved the package Friday and sent it to President Horst Koehler for his signature. With Italy and France, that accounts for over two-thirds of the European part of the bailout package. The International Monetary Funds adds euro30 billion on its own.
Greek lawmakers approved drastic austerity cuts Thursday worth about euro30 billion ($38.18 billion) through 2012 that will slash pensions and civil servants' pay and further hike consumer taxes. The measures were a prerequisite needed to secure international rescue loans.
European stocks fell but recovered most of their losses by early afternoon Friday. But in early action in New York, traders looked past a surprisingly strong report on the U.S. jobs market and focused instead on Europe's spreading debt crisis. The Dow fell 139.89 points, or 1.33%, to 10,380.43.
usatoday.com