Germany Easily Approves Expansion of Bailout Fund
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Leaving no doubt about where it stands on the expansion of the Eurozone rescue fund, the German parliament Thursday approved reform of the European Financial Stability Facility (EFSF) by a vote of 523 to 85.
With Germany's vote, now all 17 Eurozone countries have approved the expansion of the EFSF. Under the measure, the funds lending capacity grows to €440 billion from €250 billion. The measure also expands its authority to extend credit lines and buy bonds.
Volker Kauder, head of the parliamentary alliance of Angela Merkel's Christian Democratic Union, said passing the bill was more about securing the future than the expansion of the bailout fund.
"This is about more than just strengthening, [more than just an] expansion of the euro bailout fund in Europe," Mr. Kauder commented. "This is about our future, about jobs."
With Germany's vote, now all 17 Eurozone countries have approved the expansion of the EFSF. Under the measure, the funds lending capacity grows to €440 billion from €250 billion. The measure also expands its authority to extend credit lines and buy bonds.
Volker Kauder, head of the parliamentary alliance of Angela Merkel's Christian Democratic Union, said passing the bill was more about securing the future than the expansion of the bailout fund.
"This is about more than just strengthening, [more than just an] expansion of the euro bailout fund in Europe," Mr. Kauder commented. "This is about our future, about jobs."
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