The German government announced on Wednesday that Chancellor Angela Merkel's cabinet has approved the European Union's new permanent loan fund, paving the way for it to be brought before both houses of parliament for a vote.
The cabinet yesterday approved the German contribution to the so-called European stability mechanism of some €22 billion (£18.4bn) in cash and loan guarantees of up to €168bn (£139bn).
The ESM is to have an overall capacity of €500bn (£416bn) and the plan is for the current European Financial Stability Facility to stop operating once it comes into force this summer.
The European Commission, the International Monetary Fund and some countries want the two funds to run in parallel to boost lending capacity.
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