German Cabinet approves new permanent bailout fundMarch 14, 2012 - 16:54 AMT PanARMENIAN.Net - The German government says Chancellor Angela Merkel's Cabinet has approved the European Union's new permanent bailout fund, paving the way for it to be brought before both houses of Parliament for a vote. According to AP, the Cabinet on Wednesday, March 14 approved the German contribution to the so-called European Stability Mechanism of some euro22 billion ($29 billion) in cash and loan guarantees of up to euro168 billion. The ESM is to have an overall capacity of euro500 billion and the plan is for the current European Financial Stability Facility to stop operating once it comes into force this summer. The European Commission, the International Monetary Fund and some countries want the two funds to run in parallel to boost lending capacity. The German participation is expected to be voted on in Parliament at the end of March. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Government reveals details from Pashinyan’s meeting in border village Prime Minister Nikol Pashinyan has met with a group of residents of a border village in Armenia’s northern Tavush province Narek Manasyan wins European Boxing Championships silver for Armenia Armenia’s Narek Manasyan (92kg) won Armenia’s second silver medal at the European Boxing Championships 2024 on April 28. Blinken urges Azerbaijan to continue negotiations with Armenia Secretary of State Antony J. Blinken has urged Azerbaijani President Ilham Aliyev to continue negotiations with Armenia. Pashinyan, Blinken talk Armenia-U.S. ties over the phone Prime Minister Nikol Pashinyan had a phone conversation with US Secretary of State Antony Blinken on April 28, Pashinyan’s office reports. |