German lawmakers to vote on EU rescue fund June 29

June 14, 2012 - 7:56 AM

BERLIN (AP) — Lawmakers in Germany's governing party say an agreement has been reached with the opposition to hold a parliamentary vote on a crucial package of European legislation before the end of the month.

Conservative lawmaker Gerda Hasselfeldt said Thursday that Parliament will vote on the eurozone's new permanent rescue fund and the EU's latest treaty enshrining fiscal discipline June 29.

Germany's Parliament must approve the fund, the European Stability Mechanism, to ensure it can start work next month as planned.

For the ratification of the so-called fiscal pact, Chancellor Angela Merkel's center-right government needs opposition support to secure the necessary two-thirds majority.

Center-left opposition parties have threatened to block the pact unless Merkel pushes for the introduction of a financial transaction tax and new measures to promote growth. Negotiations are continuing.