July 20, 2012

German Parliament Approves Spanish Bank Aid


Germany's parliament on Thursday approved up to 100 billion euros in aid to Spanish banks, to be paid by the euro backstop fund EFSF. But despite supporting the measure, the opposition in Berlin is losing its patience with German Chancellor Angela Merkel's euro bailout policies.


Thursday's vote took place during parliament's traditional summer recess, but members of parliament were called back to Berlin in a rare move. On June 29, Bundestag President Norbert Lammert of Merkel's conservatives admonished parliamentarians heading out on their holidays: "Don't swim too far out and make sure your carry-on baggage is within close reach."

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