German Parliament OKs fiscal pact, euro fund

The Parliament's lower house accepted the eurozone's deal


Associated Press
June 29, 2012 11:45PM (UTC)

BERLIN (AP) — The German Parliament's lower house has approved the new European budget-discipline pact and the eurozone's permanent €500 billion ($623 billion) rescue fund.

Lawmakers voted 491-111 Friday with six abstentions to back the discipline pact — the so-called fiscal compact. It's a cherished project of Chancellor Angela Merkel.

Advertisement:

They voted 493-106 in favor of the rescue fund, the European Stability Mechanism. There were five abstentions.

The plans had support from two opposition parties. A two-thirds majority was needed for the fiscal pact because it involves an internationally binding commitment to keep Germany's deficit low.

Parliament's upper house, which represents Germany's 16 states, is expected to approve both plans later in the evening.


Associated Press

MORE FROM Associated Press

Related Topics ------------------------------------------

From The Wires

BROWSE SALON.COM
COMPLETELY AD FREE,
FOR THE NEXT HOUR

Read Now, Pay Later - no upfront
registration for 1-Hour Access

Click Here
7-Day Access and Monthly
Subscriptions also available
No tracking or personal data collection
beyond name and email address

•••





Fearless journalism
in your inbox every day

Sign up for our free newsletter

• • •