Lawmakers vote from about 11 a.m. Berlin time as government officials weigh further measures to bolster Greece and stem investor concern that helped end the biggest three-day rally in 16 months for European stocks yesterday. Options include seeking further writedowns on Greek sovereign bonds, adding yet more firepower to the rescue fund and a “plan B” for banks.
“The German parliament is voting for too little, too late,” Fredrik Erixon, head of the European Centre for International Political Economy in Brussels, said by phone. “Merkel can’t possibly believe this is the final point in a rescue package that will calm global markets and lead us out of the crisis.”
Provisions inserted into the bill to satisfy Germany’s constitutional court and potential rebels will allow lawmakers to vote on all new aid requests from the 440 billion-euro fund. Leaders of the Free Democratic Party, Merkel’s junior coalition ally that has flirted with an anti-bailout stance, say the bill will now pass on the strength of the coalition’s majority.
“Anyone who wants the stability of the euro countries has to support the expanded rescue fund,” Economy Minister Philipp Roesler, who chairs the FDP, was quoted as saying in the Bild newspaper on Sept. 26.
Merkel’s coalition has 330 seats in the 620-member lower house. With a simple majority of 311 required to pass the bill, she can afford 19 dissenters before depending on opposition votes to win approval. Parliament takes up the bill at 9 a.m. Berlin time and will vote about two hours later.
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