German parliament backs more EFSF firepower * *PIC*

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German parliament backs more EFSF firepower (by William L. Watts)

FRANKFURT (MarketWatch) -- The German Bundestag on Wednesday passed a motion effectively giving Chancellor Angela Merkel permission to work toward a plan to boost the lending power of the 440 billion euro ($613 billion) European Financial Stability Facility when she meets with fellow European leaders at a Brussels summit in the evening. The measure outlined two strategies for levergaing the fund that won't require additional contributions from member states. It also excludes a role for the European Central Bank in funding the EFSF. "Germany cannot live well if Europe is doing badly. That is why it is our main intention that Europe comes out of the crisis much stronger," Merkel told lawmakers ahead of the vote.

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