There is no reasonable alternative to the European Union and International Monetary Fund's joint bailout for Greece

  DOW JONES NEWSWIRES

 

  BERLIN (Dow Jones)--There is no reasonable alternative to the European Union and International Monetary Fund's joint bailout for Greece, Deutsche Bundesbank President Axel Weber told German lawmakers Wednesday.

 

  He acknowledged that the plan is "highly problematic" and must be accepted by the Greek government and public.  "Greece is obtaining an immense leap of faith from the international community and its partners in the currency union," Weber said.

 

  The bailout package of EUR110 billion  which spans the next three years was finalized Sunday. The euro zone is footing EUR80 billion of the bill and some countries are seeking parliamentary approval for their respective share of the amount this week before government leaders rubber stamp it in Brussels Friday.

 

  Weber said Greece's budget woes, which have crippled its access to financial markets, are not comparable to difficulties in other euro-zone countries. Portugal, Spain and other members of the bloc also face high levels of debt alongside low growth prospects, prompting fears that the Greek crisis will spread beyond its borders.

 

  "Greece is the only country that needs aid," said Weber, who is also a member of the European Central Bank Governing Council, at a budget committee meeting of the Bundestag, or lower house of parliament.

 

  Earlier, German Chancellor Angela Merkel made her case for the aid package to the Bundestag, saying Germany must protect the euro and prevent future harm to the currency bloc.

 

  "Europe is looking at us today. Without us, against us, there won't be any decision," Merkel said, adding that she is "determined" that Germany approve the package. The approval is expected Friday by both houses of parliament where the ruling coalition government has a comfortable majority.

 

  Germany is to contribute EUR8.4 billion in the first year and about EUR22.4 billion over the three-year period.