- Wolfgang Schäuble, German Finance Minister
The Euro zone's current account surplus rose sharply in June, according to the ECB's data. The current account balance, showed a surplus of 25.4 billion euros in the reported month, up from 19.1 billion euros in May. The June figure was the highest level of the surplus since March, when it was 26.7 billion euros.
In the meantime, the German parliament ratified a new bailout deal for Greece, but a record number of lawmakers in Chancellor Angela Merkel's conservative parties rejected the aid programme, underscoring the political threat the Chancellor is taking in backing up Greece. The bill passed, but 63 lawmakers from Merkel's party, the Christian Democrats, voted against the bailout, while three abstained. It was supported by Merkel's coalition partners, the Social Democrats and the opposition Greens party. A "yes" vote in Germany's Bundestag was a major step toward clearing the final adoption of the bailout by Euro zone finance ministers. However, some lawmakers doubt whether the Greek government is fully committed to implementing the terms attached to future disbursements as part of the aid programme. A first 13 billion euros payment is expected to flow today, when Greece faces redemptions on government bonds held by the ECB. The governments of Spain, Austria, the Netherlands and Estonia voted to ratify the Greek deal.
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