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In Europe, Five Bailout Votes This Week

September 27, 2011 by  

BRUSSELS, Sept. 27 (UPI) — The international rescue package for Greece is facing five votes in various European parliaments this week.

Votes are expected in Germany, Finland, Slovenia, Estonia and Austria on whether or not to ratify changes to the $600 billion European Financial Stability Facility, which European leaders agreed to in July, the EUobserver reported Tuesday.

The changes require approval from all 17 eurozone nations. Eight have already approved the measure.

The last to vote, Slovakia, has scheduled an Oct. 11 vote and it is there that the proposal finds its stiffest opposition, the EUobserver said.

After a series of meetings in Washington this week, however, it appears likely European leaders will try to increase the amount of funding available to not only help governments in trouble, but bolster under-financed banks.

That means, members of parliament are voting on amendments to a lending facility that is likely to see changes again in the near future.

The current proposal would allow the fund to buy government bonds on the secondary market and give the facility greater flexibility on loans.

“There are no plans in the Netherlands, and as far as I know in Finland either, to raise the amount in the EFSF,” Dutch Prime Minister Mark Rutte said Monday.

“We need the package of 21 July and are, both in Finland and in the Netherlands, extremely busy on ensuring it can be implemented. The rest is speculation.”

UPI - United Press International, Inc.

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