Sunday 19 November 2017

Austria to debate expansion of Euro bailout fund for struggling countries

AUSTRIAN Parliament today debates the expansion of the European Financial Stability Facility (EFSF) bailout fund for struggling euro zone members,

The government is confident the measure will pass easily.

The Social Democrats and their conservative People's Party coalition partners support the plan.

And nearly all members of the opposition Greens will also vote for the step, party finance spokesman Werner Kogler said.

But far-right opposition parties oppose further bailouts in principle.

The law raises Austrian guarantees for the EFSF to €21.6bn from the original €12.2bn.

The legislation does not require a green light from the Austrian Upper House.

Euro zone leaders agreed on July 21st to give the €440bn EFSF more powers, though critics argue that far more aggressive action is needed.

The EFSF deal requires parliamentary approval in the 17 member countries. Germany's MPs approved the deal yesterday.

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