Jump to content
House Price Crash Forum
MrFlibble

German Parliament Approves Expanded Eu Bailout Fund

Recommended Posts

A large majority in the German parliament has approved expanded powers for the EU's main bailout fund.
The vote was seen as a test of Chancellor Angela Merkel's authority, as some in her coalition vowed to oppose the bill.
Many Germans are against committing more money to prop up struggling eurozone members such as Greece.
There are protests in Athens where international inspectors are due for talks on further bailout funds.
The measure is expected to pass in Germany's upper house of parliament, where it will be put to a vote on Friday.
Five-hundred and twenty-three deputies in the Bundestag approved the bill, 85 voted against and three abstained in the 620-seat chamber. Nine members were not present.
Dissidents
The outcome of the vote was not in question, as the main opposition parties, the SPD and the Greens, indicated they would support the expansion of the fund.
Before the vote, there was intense lobbying by Mrs Merkel's Christian Democrats (CDU) and their coalition allies to pressure the handful of dissidents to get in line.
Reuters news agencies reports that 315 coalition deputies voted in favour, meaning Mrs Merkel did not need to rely on the opposition support.
A reliance on this support would have cast into doubt her ability to get forthcoming votes on a further bailout for Greece and a permanent successor to the main EU bailout fund, the European Financial Stability Facility (EFSF), through the Bundestag.
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.
As Europe's largest economy, Germany's commitment to the fund would rise from 123bn euros to 211bn.

Excellent news everybody, the bailout fund is now bigger, bigger is better remember :lol:

From the BBC.

Edited by MrFlibble

Share this post


Link to post
Share on other sites

I hadn't realised just how small an even this was, but this confirms it: "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)."

For som ereason, I had thought that this vote related to the most recent proposals from the EU politburo about the €2 trillion leveraged fund idea, but they've only just got round to approved the previous proposal. No wonder traders just shrugged their shoulders on this morning's news.

Share this post


Link to post
Share on other sites

I hadn't realised just how small an even this was, but this confirms it: "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)."

For som ereason, I had thought that this vote related to the most recent proposals from the EU politburo about the €2 trillion leveraged fund idea, but they've only just got round to approved the previous proposal. No wonder traders just shrugged their shoulders on this morning's news.

It's not looking like enough, so it's another temporary band-aid.

The more sinister part is the expanded powers of the EFSF, but markets aren't bothered about politics.

Share this post


Link to post
Share on other sites

The bailouts are pure political theater. The losses that the banks are going to suffer are nothing like as bigger problem as the damage being done to the people of Europe. Once Europeans on mass sees how they have been mistreated they will turn to the extremes of politics for a solution, and we all know how that ended last time. :angry:

Share this post


Link to post
Share on other sites

just seen the picture on the guardian site looks like they are all waving their credit cards at the saviour Angela.

FYI, Angela has a Ph.D. in Physics and wrote her dissertation on quantum chemistry.

That's a whole lot more than you can say about British political suit dummies.

Share this post


Link to post
Share on other sites

FYI, Angela has a Ph.D. in Physics and wrote her dissertation on quantum chemistry.

That's a whole lot more than you can say about British political suit dummies.

Doesn't that simply prove that she's in the wrong job?

Share this post


Link to post
Share on other sites

Doesn't that simply prove that she's in the wrong job?

Gordon Brown has a PhD. Although that was in a load of cobblers IIRC, not science.

Share this post


Link to post
Share on other sites

Who do they owe money too? it goes from the German tax payers to Greece back to Germany to their own banks. Not once has anyone talked about reducing the debt so that banks make no profit and lose 20% of the money lent out to greece.

No one has spoken about eliminating the interest from the money lent, if banks dont want to go broke and governments dont want to go broke then why has no one put this forward.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 338 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.