Germany backs new EFSF powers

Germany's parliament has voted in favour of measures to expand the size and scope of the €440 billion ($600 billion) European Financial Stability Facility (EFSF), yet concerns persist over the fund's ability to act as a backstop to core euro area countries.

On Thursday, the German chancellor Angela Merkel won the overwhelming support of the Bundestag, after 523 of the 611-member parliament voted in favour of a bill to amend legislation on the eurozone bailout vehicle. Eighty-five ministers voted