Uploaded by FinancialNewsOnline on Sep 29, 2011
Today in Berlin, Germany's lower house of parliament overwhelmingly approved the measure to increase the the expansion of the European Financial Stability Fund, or EFSF by a vote of 523 to 85. Only three abstained from the vote. A non-binding vote and debate on the legislation by the upper house is scheduled for tomorrow.
German Chancellor Angela Merkel assured the coalition that taxpayer's money would not be put to waste by passing the increased measures. She could not, however, assure that the money would be written off if Greece were to default. Germany stands to offer the most support in the EFSF, taking on some 211 out of 440 Billion Euros of guarantees.
Germany's DAX index is down 0.20% or 11.36 points. Shares of Deutsche Bank (NYSE:DB) are currently trading up 6.2% in the pre-market session this morning to $37.92 on the news.
German Chancellor Angela Merkel assured the coalition that taxpayer's money would not be put to waste by passing the increased measures. She could not, however, assure that the money would be written off if Greece were to default. Germany stands to offer the most support in the EFSF, taking on some 211 out of 440 Billion Euros of guarantees.
Germany's DAX index is down 0.20% or 11.36 points. Shares of Deutsche Bank (NYSE:DB) are currently trading up 6.2% in the pre-market session this morning to $37.92 on the news.
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