German Bundestag rallies against euro bailout fund

The upper chamber of the German parliament is due to vote on the new expanded powers of the European Financial Stability Facility (EFSF) on 23 September. At that point, early polls on an upcoming vote in the German Bundestag show growing opposition to the EU’s crucial bailout fund and its expanded powers to purchase the bonds of indebted countries.In addition, the ongoing purchases of Spanish, Irish, and Italian bonds by the European Central Bank (ECB) have been met with caustic criticism by a majority of German politicians including their finance minister, Wolfgang Schauble. As the Euro zone’s largest economy, Germany makes the biggest contribution to both financial bodies, the ECB and the EFSF.