BREAKING The German parliament has backed the expansion of the European bail-out fund. Reuters reports 523 politicians voted in favour of it, 85 opposed and three abstained. Debate is continuing in the Bundestag, with MPs explaining their votes. So far, only lawmakers from the opposition Left party have set out why they opposed the legislation. Sevim Dagdalen says she voted against the EFSF deal. She accused the German government of pandering to banks, speculators, the "financial mafia". She added she sympathised with the Greeks who are protesting against their government's harsh austerity measures, as well as the Portuguese. She attacked a "Europe that is unsocial and unfair".Here's the voting details:
In favour: 523 MPs
Against: 85
Abstentions: 3
In favour: 523 MPs
Against: 85
Abstentions: 3
So, a huge majority for Angela Merkel. We'll get the full breakdown of who voted, and whether many of the coalition government rebelled, soon.
3 comments:
Just to recap, here are the key measures the Germans are voting on today - as agreed by European leaders at a summit in July and now subject to the agreement of national parliaments:
• Expanding the power of the EFSF (bail-out fund) so that it can buy government bonds in the secondary market and lend money to governments to recapitalize banks.
• An extra €109bn being added to the bali-out fund
• Private investors, ie. banks and insurers, agreeing a debt 'swap' with Greece, which amounts to a 21pc cut in the value of the debt they hold.
It seems odd the very people who caused all these problems have got away virtually scot-free. Lending money so even more will flow into their coffers once the state enterprises have been sold off to speculators and asset strippers and the lower paid have had their money taken away. Look at Spain - belatedly trying to squeeze money out of the wealthy who by all estimates pay little or no tax. And Britain> Insisting they scrap the 50% tax rate while insisting the 25% rate is unchanged and VAT remain at 20%.
Dont sweat it the Germans will support the bail out because it is not in their national interests to see a return to a national currency as this would be considerably stronger than the euro and so hurt their exports. The French aren't too keen on the bail out and a a Greek default as they will have to bail out their banks. The EU is the context in which 'national' and ruling elite interests are mediated. Greek austerity is subsidising both these constituencies.
The EU is corrupt from top to bottom, run by mafias in certain countries, big businesses in others. The 'bailout' is nothing of the kind, its an extra payment, in this case to a Greek mafia who have diverted previous EU sums into their own pockets
With support from opposition parties Frau Merkel will undoubtedly be able to get agreement in the Bundestag for further financial aid to Greece. The reason being that Greece will return most of the money to repay debts. The millions that have been paid or will be paid to Greece will do nothing to create employment or help to restore the Greek economy. An economy which has, like many others ,borrowed to live above its means. Money borrowed from banks which knew the precarious state of the Greek and other economies before they lent them money.The banks gambled and now the European tax payer has to pick up the bill for their irresponsability. A European taxpayer which since globalization has become a dying breed
Frau Merkel may get support for her bill in the Bundestag but her public support is diminishing. She like many European politicians is completely out of touch with the feelings of her electorate, a majority of which would prefer to see Greece leave the Euro. A majority of Germans do not want their tax affairs decided in Brussels by an unelected commission. No more than a majority of British French Danish etc etc
State TV NET reported that nearly all major ministries were occupied by protesting staff, including the ministries of finance, development, justice, labour, health, interior affairs and agriculture.
The occupations began early this morning before official opening hours and were to continue until Friday, NET said.
Greek civil servants oppose a new round of pay cuts and layoffs imposed by the government as it struggles to slash a runaway deficit.
A high-level mission from the EU, the IMF and the European Central Bank, which saved Greece from bankruptcy last year, have returned for a report that will determine if the debt-hit nation can again escape default.
Four weeks ago the auditors quit the country abruptly, unhappy with the government's efforts to tackle its debt mountain
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