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German Vote Sets Stage for Next Steps

Possible moves on debt crisis include leveraging the $599 bln bailout fund.

By Tony Czuczka, Patrick Donahue, Bloomberg | Updated on September 29, 2011

German lawmakers’ approval of an expansion of the euro-area rescue fund’s firepower handed Chancellor Angela Merkel a victory that paves the way for additional steps to stem the European debt crisis.

The next moves may include leveraging the 440 billion-euro ($599 billion) European Financial Stability Facility, said Holger Schmieding, chief economist at Joh. Berenberg Gossler & Co. in London. In addition, there may be “an orderly Greek default later this year, with a haircut on Greek debt, an immediate recapitalization of Greek banks, European guarantees for restructured Greek debt and conditional fiscal support” for Greece, he said.

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