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Merkel Breathes Sigh of Relief: German Parliament Passes Euro Fund Expansion

Sep 29th, 2011 08:25 by News

29-Sep (Der Spiegel) — Chancellor Angela Merkel got the majority she needed on Thursday as German parliament passed the expansion of the euro backstop fund, the EFSF. With fewer conservative renegades than feared, Merkel can breathe a sigh of relief. But with more difficult decisions approaching, the respite may not last.
Info

German parliamentarians on Thursday approved the planned expansion of the European Financial Stability Facility (EFSF) with 523 voting in favor, 85 against and three abstentions.

The bill’s passage is a vital step in euro-zone efforts to increase the fund’s lending capacity from its current €250 billion ($338 billion) to €440 billion. Germany’s share of guarantees for the fund will rise from €120 billion to €211 billion, though several other euro-zone parliaments must still vote on the expansion.

Author key: MK - Michael J. Kosares; GC - George Cooper; PG - Peter A. Grant; JK - Jonathan Kosares; RS - Randal Strauss. [see also 12 yrs of Discussion Archives]

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