Austria approves expanding eurozone rescue fund

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The Independent Online

Austrian politicians 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.

Today's passage means that Austria guarantees to provide 21.6 billion euro to the fund, compared to 12.2 billion euro previously.



If all 17 eurozone nations agree to increase their share, the fund will have 440 billion euro at its disposal.



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



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

AP

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