Tags: EU | Austria | Financial | Crisis

Austria Approves Expanding Eurozone Rescue Fund

Friday, 30 Sep 2011 10:52 AM


Austrian lawmakers have voted to expand the powers of the eurozone's bailout fund, which is designed to help Greece and other potentially struggling countries deal with their debts.

Friday's passage means that Austria guarantees to provide 21.6 billion euros ($29.4 billion) to the fund, compared to 12.2 billion euros previously.

If all 17 eurozone nations agree to increase their share, the fund will have 440 billion euros ($600 billion) at its disposal.

Parliament's backing had been expected, with the governing center-left coalition supported by the opposition Greens in backing the measure. Only two rightist parties opposed the bill.

Austria's endorsement comes a day after German parliamentarians approved beefing up the so-called European Financial Stability Facility.

© Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Around the Web

Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
Zip Code:
Privacy: We never share your email.

You May Also Like
Around the Web
Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

© Newsmax Media, Inc.
All Rights Reserved