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Why the euro crisis fund is still not through

Why the euro crisis fund is still not through
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First Published: Thu, Sep 29 2011. 07 05 PM IST

German Chancellor Angela Merkel reacts ahead of a vote to expanded the powers of the EFSF, in the lower-house of the German Parliament in Berlin. Photo: Bloomberg
German Chancellor Angela Merkel reacts ahead of a vote to expanded the powers of the EFSF, in the lower-house of the German Parliament in Berlin. Photo: Bloomberg
Updated: Thu, Sep 29 2011. 07 05 PM IST
Berlin: Germany’s parliament approved new powers for the euro zone’s crisis fund on Thursday.
German Chancellor Angela Merkel reacts ahead of a vote to expanded the powers of the EFSF, in the lower-house of the German Parliament in Berlin. Photo: Bloomberg
The European Financial Stability Facility (EFSF), expansion must be approved by national parliaments before it comes into law, but some countries won’t give their verdict on widening the euro zone’s rescue fund until next month.
Here are details on which of the 17 countries in the euro zone have approved the EFSF and who still has to vote on it:
Approved:
Belgium
Finland
France
Germany
Greece
Ireland
Italy
Luxembourg
Portugal
Spain
Slovenia
Yet to approve:
Austria: Austria is to vote on 30 September.
Cyprus: Cyprus’s cabinet approved the expansion on 27 September however, it will have to be ratified by parliament which should occur by mid-October.
Estonia: Estonia is voting on Thursday.
Malta
Netherlands: Most of the changes do not legally require parliamentary approval, but politically, the government needs its backing and will put the matter to a vote by early October.
Slovakia: The Slovakian parliament should hold the vote on strengthening the euro zone’s bailout fund before the next EU leaders’ summit on 17-18 October, Prime Minister Iveta Radicova and two other coalition parties said on Wednesday. They also said Slovakia should be the last to vote.
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First Published: Thu, Sep 29 2011. 07 05 PM IST