German parliament approves bailout fund

The German parliament voted overwhelmingly to grant extraordinary powers to a European bailout fund that will help pull the continent back from the brink of collapse - for a while anyway. Washington Post: The expansion of powers for the bailout fund will go forward if six other euro area countries approve it over the coming weeks. But Merkel may have little room to maneuver in pushing for further measures that would increase Germany's commitments to helping its troubled fellow euro-users. Merkel said this week that a July agreement with Greece on a second bailout may have to be renegotiated based on the findings of an inspection team from the International Monetary Fund and other creditors that arrived in Athens on Thursday. Her flexibility may be limited by the parliamentary vote. "We are in an exceptionally difficult situation, because the financial markets remain extremely uncertain," German Finance Minister Wolfgang Schaeuble said in parliament ahead of the vote, in a bid to win...(Read Full Post)