The tight vote expected in the German Parliament over the question of supporting an expansion of the European Union bailout fund never materialized. A large majority voted in favor of the bill which was also seen as a strong endorsement of Chancellor Angela Merkel’s continued influence on the ruling coalition. The next test will take place Friday when Germany’s Upper House must register its approval but it is expected to pass without issue.
All 17 countries that use the euro must ratify the commitment to expand the powers of the EFSF and boost its bailout guarantees to 440bn euros (£383bn).
So far, 10 have approved the measure.
Source: Reuters
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by Scott Boyd (see all)
- Japan’s Demographic Trap - 25 June 2012
- Officials Talk Openly of Greek Euro Exit - 16 May 2012
- Greek Voters Prepare to Roll the Dice - 15 May 2012