EURO bailout package approved in the German Parliament

Jun 2011
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The germans call it the "Euro-Rettungsschirm"
Schirm means "umbrella" and Rettung means "Rescue".
So, it is the Euro-Rescue-Umbrella :)

From ARD:

"Breite Zustimmung für erweiterten EFSF[h=1]Koalition schafft Kanzlermehrheit[/h]Union und FDP haben der Aufstockung des Euro-Rettungsschirms mit der erhofften Kanzlermehrheit zugestimmt: 315 Abgeordnete der Regierungskoalition stimmten für den Rettungsfonds - vier mehr, als für die Kanzlermehrheit benötigt. Es gab 15 Abweichler: In der Union stimmten zehn Abgeordnete mit Nein, einer enthielt sich. Bei der FDP votierten drei Abgeordnete gegen das Gesetz, es gab ebenfalls eine Enthaltung. Ein Nicht-Erreichen der Kanzlermehrheit wäre als starker Vertrauensverlust für Kanzlerin Angela Merkel gedeutet worden.
Insgesamt stimmten 523 Abgeordnete für die Stärkung des Schirms. 85 Parlamentarier waren dagegen, drei enthielten sich."

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The vote was 523 yea / 85 nay.

Here the article in English:

"German lawmakers have voted to boost the eurozone's rescue fund in a crucial test for Chancellor Angela Merkel. Merkel avoided political embarrassment by winning her own side's backing.
German lawmakers approved new powers for the eurozone rescue fund on Thursday, in a crucial vote for Chancellor Angela Merkel's coalition government.

The vote passed with an overwhelming majority thanks to the support of opposition parties, with 523 votes for, 85 against, and three abstentions.
Ahead of the vote, success or failure for Merkel was to be measured by whether she could muster 311 or more votes from her own center-right coalition, which has 330 Bundestag seats. In the end, 15 coalition lawmakers voted against the legislation or abstained.
There had been concern that the government would be put in a humiliating position if they had been forced to rely on the opposition Social Democrats and Greens to pass the vote.



As the eurozone's largest economy, Germany is expected to contribute the largest share to the bailout fund. The country has already guaranteed loans to the tune of 123 billion euros; that will now be boosted to 211 billion euros ($283 billion).

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Critical was that this passed also within her own party, which the Germans call the KANZLERMEHRHEIT, or "Chancellor-Majority".

Germany will be footing most of the bill.


 

michaelr

Former Staff
Dec 2006
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Just what debt riddled nations need, more debt. Well the banks will be happy for a real short period of time, and we will replay this in a week or two.
 
Jun 2011
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This is just a side-detail, but since most probably are not aware that Germany has a two-house congress just like the USA, the upper house of the German Parliament also voted for the EURO Bailout.

From ARD (Tagesschau):

"Bundesrat billigt Euro-Rettungsschirm

Einen Tag nach der Zustimmung des Bundestags hat der Bundesrat die Erweiterung des Euro-Rettungsschirms EFSF gebilligt. Wie erwartet wurde kein Antrag auf Anrufung des Vermittlungsausschusses gestellt, so dass die Reform nun endgültig beschlossen ist. Eine Abstimmung im Bundesrat war nicht nötig.

Damit der EFSF Notkredite von 440 Milliarden Euro ausgeben kann, soll der Garantierahmen auf 780 Milliarden Euro erhöht werden. Deutschland schultert davon im Fall des Falles 211 Milliarden Euro. Bundesfinanzminister Wolfgang Schäuble sicherte den Bundesländern grundsätzlich zu, sie in künftige Aktionen des erneuerten Euro-Rettungsfonds EFSF einzubinden. "Die Bundesregierung wird den Bundesrat fortlaufend und zeitnah unterrichten", sagte Schäuble in der Länderkammer in Berlin. Eine entsprechende Vereinbarung zwischen Bund und Ländern, in der die Einzelheiten festgelegt werden sollen, solle "sehr zügig" ausgearbeitet werden."

Translation of the bolded stuff:

"One day after the replenishment of the EURO-Bailout fund was approved by the Bundestag, the Bundesrat has also approved the package. As was expected, no motion was made to first bring the bill to the mediation committee, so the package was automatically passed. Therefore, no vote in the Bundesrat was needed."

"Germany shoulders 211 billion (Euros) just in case".


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People would like to think of the Bundesrat as the German equivalent of the US Senate, but it is not. Here is a very good WIKI description of the Bundesrat (Upper House) and the Bundestag (Lower House) in the German parliament. In German politics, the lowwer house is the more decisive element in all of this and the Chancellor sits in on the Bundestag every day and has a vote in the Bundestag, just like every other representative.

For those really into electoral politics, this could be interesting reading...
 

jackalope

Former Staff
Jan 2010
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...
People would like to think of the Bundesrat as the German equivalent of the US Senate, but it is not. Here is a very good WIKI description of the Bundesrat (Upper House) and the Bundestag (Lower House) in the German parliament. In German politics, the lowwer house is the more decisive element in all of this and the Chancellor sits in on the Bundestag every day and has a vote in the Bundestag, just like every other representative.

For those really into electoral politics, this could be interesting reading...

Thx for posting, interesting. I'm pretty sure I only recall ever hearing about the Bundestag in the past. I would have thought the upper was equiv to the Senate, had you not noted it's not.


BTW, totally OT, but I thought for sure you would post something about the Pirate Party storming the gates over there =).
 

jackalope

Former Staff
Jan 2010
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Thx for posting, interesting. I'm pretty sure I only recall ever hearing about the Bundestag in the past. I would have thought the upper was equiv to the Senate, had you not noted it's not.


BTW, totally OT, but I thought for sure you would post something about the Pirate Party storming the gates over there =).

ps - I have to say, after reading your wiki link on the Bundesrat, it does sound like the US Senate.
 
Jun 2011
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ps - I have to say, after reading your wiki link on the Bundesrat, it does sound like the US Senate.
Not really. They are not elected, they are selected, per 2 million people in the republic. So, with about 82 million in Germany, that makes for 42 in the Bundesrat - so it is not completely bound to provinces, though each province is given so many seats based on population. Also, in the grand scheme of things, the Bundesrat functions mostly as a ceremonial device. In terms of Bundesrat vis-a-vis Bundestag, there is rarely the kind of friction that we see between the US Senate and the US House of Representatives.
 

jackalope

Former Staff
Jan 2010
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Maine
Not really. They are not elected, they are selected, per 2 million people in the republic. So, with about 82 million in Germany, that makes for 42 in the Bundesrat - so it is not completely bound to provinces, though each province is given so many seats based on population. Also, in the grand scheme of things, the Bundesrat functions mostly as a ceremonial device. In terms of Bundesrat vis-a-vis Bundestag, there is rarely the kind of friction that we see between the US Senate and the US House of Representatives.

Yes, I saw that difference. The US Senate used to be populated in the same manner, and some are trying to bring it back to the US. There's a thread on PH right now (somewhere) about repealing the 17th amendment and returning the appointment of Senators to the states' legislatures.
 
Jun 2011
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Yes, I saw that difference. The US Senate used to be populated in the same manner, and some are trying to bring it back to the US. There's a thread on PH right now (somewhere) about repealing the 17th amendment and returning the appointment of Senators to the states' legislatures.
Yes I read that thread. Silliness. Utter silliness.
 
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In Canada's capital the Senators are either drafted as teenagers, traded for from other teams, or picked up as free agents.


They had a couple good runs in the 90's I sem to recall, and a good rivalry with the Buffalo Sabres.