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Image header Agence Europe
Europe Daily Bulletin No. 10620
ECONOMY - FINANCE - BUSINESS / (ae) economy

Netherlands ratifies European Stability Mechanism

Brussels, 24/05/2012 (Agence Europe) - Dutch MPs voted by a wide majority on Thursday 24 May to ratify the European Stability Mechanism (ESM). This permanent rescue fund is due to come on stream in July and will have an intervention capability of €500 billion. The Netherlands will contribute €4.6 billion in initial capital to the ESM and will underwrite commitments by the rescue fund of €35 billion. Of the 150 MPs, 100 - from the Conservative VVD, the Christian Democrat CDA, the Democratic party D66, the Labour Party and the left-wing environmentalists - voted for ratification. They rejected several attempts by the populist party of Geert Wilders, formerly a partner in the governing coalition, to have the vote delayed or cancelled. (MB/transl.rt)

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