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The German parliament votes through EU bailout

Angela Merkel, the Chancellor of Germany, has been successful in their quest to push through approval of the EU's EUR750 billion bailout scheme. The deal has been approved by Germany's lower house of parliament as has the individual contribution of Germany which is around EUR150 billion. This is a very controversial subject in Germany and the Chancellor has seen significant criticism across the board.

However, Angela Merkel has courted much of this controversy herself by suggesting that a vote against the European Union bailout fund could put the Euro in serious danger. There are many opponents of the Euro who are waiting for further cracks within the European Union and the recent announcement that the German authorities have banned short-selling of German Euro denominated sovereign debt has further fuelled the fires of concern.

Nobody has any idea at this moment in time how the whole European Union issue will be resolved and whether indeed we may be seeing the beginning of the end for the Euro and the European Union. Many members of the EU appear to be singing from very different hymn sheets which is not exactly what investment markets would like to see in these very difficult and very trying times.

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