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German parliament approves expanded eurozone bailout

Text by News Wires

Latest update : 2011-10-26

Germany's parliament approved an expansion of the eurozone’s bailout fund on Wednesday following a warning from Chancellor Angela Merkel that Germany must act to resolve "Europe’s most serious crisis since the end of World War II".

AP - The German parliament has given wide backing to plans to increase the firepower of the eurozone’s rescue fund.

Lawmakers voted 503-89 with four abstentions in favor of leveraging the €440 billion ($610 billion) bailout fund to make it more effective. That sends Chancellor Angela Merkel to a European Union summit in Brussels Wednesday with a strong mandate to seal a deal.

Opposition leaders briefed by Merkel have said the changes would take the fund’s lending capacity above €1 trillion, though that isn’t finalized.

Merkel told parliament the world is watching to see whether Europe and Germany take responsibility in "Europe’s most serious crisis since the end of World War II."

She indicated that private investors should take a writedown of at least 50 percent on Greek debt holdings.
 

Date created : 2011-10-26

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