Estonia Approves Eurozone Bailout Fund

World | September 30, 2011, Friday // 11:05|  views

Estonia, the Eurozone's newest member, has become the latest country to approve joining and extending the powers of its bailout fund.

A total of 59 of the country's lawmakers voted in favor of the government motion, while only 18 were against and 24 were absent.

The Baltic country's share will be up to EUR 1.995 B, a substantial amount for a tiny nation of 1.3 million, which has a state budget of around EUR 6.5 B, as the Washington Post points out.

All 17 eurozone nations have to sign off on the European Financial Stability Facility created in the face of the currency bloc's debt crisis, where Greece is in the eye of the storm.

Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Portugal, Spain and Slovenia have now ratified the plan. Three countries are yet to vote: Malta, the Netherlands and Slovakia.

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Tags: Estonia, bailout fund, Eurozone, greece, European Financial Stability Facility, debt crisis


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