Germany Approves EFSF Bailout Deal

The Bundestag has voted to approve the European Financial Stability Facility which will see Germany underwrite €211 billion – up from €123 billion – of a stabilization package of €440 billion euros. The fund itself will hold total capital of €780 billion in order to maintain its AAA credit rating.

523 votes in favour, 85 votes against and three abstentions, marked a decisive victory for the most important vote in the ratification of the plan, which must be approved by the 17 Eurozone states.

EFSF is a Luxembourg-registered company owned by Euro Area Member States. It is headed by Klaus Regling, former Director-General for economic and financial affairs at the European Commission.

The Review Group, known as the troika, consisting of the EU, the European Central Bank and the International Monetary Fund, will now return to their work on Greece to determine whether it will qualify for the next installment of its loan, due on 13th October 2011.


In This Story: Germany

Germany, officially the Federal Republic of Germany, is a country in Central and Western Europe. It lies between the Baltic and North seas to the north, and the Alps to the south.

Germany is a federal parliamentary republic led by a chancellor. With over 83 million inhabitants of its 16 constituent states, it is the second-most populous country in Europe after Russia, as well as the most populous member state of the European Union. Its capital and largest city is Berlin, and its financial centre is Frankfurt; the largest urban area is the Ruhr.

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