matrix
22nd May 2010, 09:14 AM
Germany passes Eurozone rescue bill
German lawmakers have given the country the green light to contribute up to EUR147.6 billion (USD184.7 billion) to a massive bailout package for dept-riddled Eurozone nations.
http://uc-njavan.ir/images/pgvv6gapv1swkfagg2j.jpg (http://uc-njavan.ir/)
After its earlier passage in Parliament's lower house on Friday, by 319 votes to 73 and 195 abstentions, the "shock and awe" package went to the upper house to secure an approval.
The package has been hammered out by the European Union and the International Monetary Fund (IMF) to help cash-strapped Eurozone countries and save the Euro.
Appearing before the lawmakers at the lower house of the parliament earlier in the day, German Finance Minister Wolfgang Schaeuble described the passage of the bailout bill as crucial.
He said the bill must be approved "because markets trust it only once it has actually been implemented," adding that "It is a reality that markets look more at Germany than at Cyprus or Malta."
The German parliament approval of the bill comes two weeks after the nation ratified to pay its due share of a 110-billion-euro bailout deal for debt-wracked Greece.
Athens' bailout irked many in Germany with Chancellor Angela Merkel losing support among voters.
In an attempt to depict the rescue package as an important step this week, Merkel said the euro was "in danger" and warned of "incalculable consequences" for the EU if the euro were to collapse
German lawmakers have given the country the green light to contribute up to EUR147.6 billion (USD184.7 billion) to a massive bailout package for dept-riddled Eurozone nations.
http://uc-njavan.ir/images/pgvv6gapv1swkfagg2j.jpg (http://uc-njavan.ir/)
After its earlier passage in Parliament's lower house on Friday, by 319 votes to 73 and 195 abstentions, the "shock and awe" package went to the upper house to secure an approval.
The package has been hammered out by the European Union and the International Monetary Fund (IMF) to help cash-strapped Eurozone countries and save the Euro.
Appearing before the lawmakers at the lower house of the parliament earlier in the day, German Finance Minister Wolfgang Schaeuble described the passage of the bailout bill as crucial.
He said the bill must be approved "because markets trust it only once it has actually been implemented," adding that "It is a reality that markets look more at Germany than at Cyprus or Malta."
The German parliament approval of the bill comes two weeks after the nation ratified to pay its due share of a 110-billion-euro bailout deal for debt-wracked Greece.
Athens' bailout irked many in Germany with Chancellor Angela Merkel losing support among voters.
In an attempt to depict the rescue package as an important step this week, Merkel said the euro was "in danger" and warned of "incalculable consequences" for the EU if the euro were to collapse