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Eurozone set to approve strengthened bailout fund

Tue 25th Oct 2011

The Eurozone is to strengthen its bailout fund to react to the economic turmoil sweeping across Europe, with German lawmakers saying yesterday how the move could boost lending capacity to over Ä1 Trillion.

AP were informed how the EU wants to boost the fund by offering sovereign bond buyers an insurance against possible losses and by attracting capital from private investors and sovereign wealth funds.

Eurozone governments hope that the enhanced the European Financial Stability Fund, or EFSF, will offer a degree of protection to the likes of Italy and Spain from being dragged further into the debt crisis.

For her part, German Chancellor Angela Merkel, has proposed that the change receives full parliamentary approval on Wednesday - although it would have been enough for the parliament's budget committee to approve the plan. However, the changes are expected to be approved by some margin.

Lawmakers will vote only hours before an EU summit in Brussels that, if carried, will adopt the new rules.

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