The New York Times
Thursday, September 29, 2011 -- 7:02 AM EDT
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Germany Approves Expansion of Euro Bailout Fund
The German Parliament approved the expansion of the bailout fund for heavily indebted European countries Thursday, the most important step in a tortuous process that has rattled markets and raised long-term doubts about the ability of governments to react to the expanding debt crisis.
The vote in Germany, Europe's largest economy and the only country with the fiscal wherewithal to pull fellow countries in the euro currency zone out of trouble, moved the struggling rescue forward. But analysts said it likely would offer only momentary relief rather than anything like a permanent solution.
And for Angela Merkel, Germany's chancellor, the victory merely provided breathing room after a divisive debate within her own parliamentary bloc that has weakened her grip on power at a critical moment. Opposition politicians argue that the vocal opposition within her ranks meant that Mrs. Merkel had lost control of her coalition and needed to dissolve the government.
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