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German parliament approves extension of EU bailout fund

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The German parliament has approved an extension of the EU’s main bailout fund.

Five-hundred and twenty-three deputies in the Bundestag approved the bill, while 85 voted against and three abstained in the 620-seat chamber.

The measure is now expected to pass in Germany’s upper house of parliament tomorrow. All 17 countries must approve plans to raise the bailout fund to £383m, with 10 approving so far.

Germany’s commitment to the European Financial Stability Facility will rise from 123bn euros to 211bn if all 17 approve.

Markets have been nervous this morning ahead of the vote. At 12.30, the FTSE 100 was down 0.63 per cent to stand at 5184.84, while the Dax and the French Cac 40 also saw marginal falls.

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