October 26, 2011
The German parliament has voted in favor of the controversial leveraging of the euro rescue fund by a large majority, with 503 out of 596 members of parliament backing the motion, 89 opposing it and four abstaining. The outcome is expected to strengthen Chancellor Angela Merkel at a summit on the debt crisis in Brussels on Wednesday night.
German Chancellor Angela Merkel won strong backing as expected for the planned leveraging of the euro rescue fund in a parliamentary vote on Wednesday.
Of 596 votes cast, 503 members of parliament voted in favor of the motion, with 89 no votes and four abstentions. The motion had cross-party backing from the parties in Merkel's coalition and from the opposition Social Democrats and Greens.
The leveraging, intended to boost the firepower of the €440 billion rescue fund, is part of a package of measures designed to tackle the debt crisis and protect the single currency. Other steps are expected to include a Greek debt cut of up to 60 percent and a plan to recapitalize European banks to shield them from the resulting writedowns of their bond holdings.
The vote is expected to strengthen Merkel's position in summit talks in Brussels on Wednesday night.
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