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
