German Parliament Approves Bailout

The German parliament passed the euro zone's bailout and new budget rules with a two-thirds majority that included opposition partnerships. "Today Germany, with the approval of the fiscal pact and the ESM by all parties in both houses of parliament, will send an important signal ... that we are overcoming the European debt crisis in a sustainable way," said Chancellor Angela Merkel. The legislation won't be signed into law by President Joachim Guack until the country's Constitutional Court approves them. The bailout plan could come into effect July 9, but needs approval from countries composing of 90 percent of its capital base and can't pass without German backing.