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Germany takes final step to Eurozone bailout fund ratification
Germany has taken the final step to ratifying the Eurozone Stability Mechanism, with a cabinet declaration that addresses concerns raised by the country’s constitutional court.
The Eurozone bailout fund, which was given the green light by German lawmakers earlier this month, can now go ahead in an attempt to stem the ongoing debt crisis.
The court ruling said that the German government must meet several conditions.
The declaration approved by Chancellor Angela Merkel’s centre-right cabinet today stated that the German parliament would have veto rights over any increase in Berlin’s contribution to the €700bn fund.
Germany’s contribution to the ESM is capped at €190bn.