Berlin: Germany’s parliament approved new powers for the euro zone’s crisis fund on Thursday.
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.
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
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:
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.
• 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.