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News Link • Economy - International

Europe again steps back from brink in debt crisis

• Reuters.com

(Reuters) - Following a now-familiar script, Europe again averted disaster in its debt crisis when German lawmakers rallied behind Chancellor Angela Merkel to approve a stronger euro zone bailout fund on Thursday.

But bigger challenges loom for the euro zone now. Financial markets are already anticipating a likely Greek default and demanding more far-reaching measures to prevent the crisis that began in Athens from spreading far beyond Europe and its banks.

The Bundestag (lower house) overwhelmingly approved new powers for the 440-billion-euro EFSF fund to make precautionary loans, help recapitalize banks and buy distressed countries' bonds in the secondary market.


German parliament approves expanded bailout fund http://www.washingtonpost.com/world/europe/german-parliament-approves-bailout-fund/2011/09/29/gIQATrGl6K_story.html

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