German parliament approves an expansion of the EFSF

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Source: Dukascopy
© Dukascopy
“I’m not convinced that this bailout package [bigger EFSF] is going to be remotely enough for the euro zone itself”- Wilbur Ross, chairman of WL Ross & Co.Impact: HighAn absolute majority of German parliament members, 523 in favor versus 85 opposing, voted for increase of the European Financial Stability Facility from €123 billion to €211 billion on Thursday, providing an important victory for Merkel. "The broad majority in parliament clearly shows Germany is committed to the euro and to protecting our currency," said Hermann Groehe, Merkel's deputy party leader .“I’m not convinced that this bailout package is going to be remotely enough for the euro zone itself,” Wilbur Ross, chairman of privately owned WL Ross & Co., said on Thursday in Bloomberg interview. “I think it should start with a �T,’ not a �B,’” he said, referring to trillions instead of billions.“Vote in Berlin was expected to pass, what is more important is whether there is any appetite left for German lawmakers to extend the fund even further,” said Kathleen Brooks, research director at Forex.com.
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Fri, 30 Sep 2011 12:30:39 GMT

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