Wall Street Journal
October 26, 2011
As a blockbuster deal to resolve the spreading euro-zone debt crisis eluded European leaders on Wednesday, German Chancellor Angela Merkel and the swooning euro currency got a boost when German lawmakers backed a resolution approving leveraging models for the euro zone's bailout fund.
The euro surged in currency trading immediately following the announcement that Germany's Bundestag, or lower house of parliament, approved the resolution with a majority of 503 lawmakers out of a total of 596. Ms. Merkel's own coalition carried the vote with 311 votes, the absolute minimum needed for the coalition to achieve its own majority and not rely on borrowing votes from the opposition.
The vote represents broad support for Ms. Merkel to continue pressing for a comprehensive bailout package that includes involvement of private-sector investors and tough economic and fiscal reforms in weakened euro-zone member countries. But it also demonstrates how thin support for further bailouts has become within Ms. Merkel's center-right coalition of Christian Democrats, the Christian Social Union of Bavaria and pro-business Free Democrats.
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