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Greece ratifies establishment of permanent European economic support mechanism

(Xinhua)

16:13, March 29, 2012

ATHENS, March 28 (Xinhua) -- The Greek parliament ratified on Wednesday a European Council decision on the establishment of a permanent European Financial Stability Facility (EFSF) support mechanism to address economic challenges.

With the support of the two parties backing the interim technocrat government of Lucas Papademos, the bill passed with 194 yes votes and 59 votes against in the 300-member assembly.

The bill also contained an article for a special bank account used so that the Greek state will repay its sovereign debt loan under the agreement reached earlier this year for the release of a second multi-billion euro aid package to avoid a disorderly financial collapse.

Addressing the parliament, Greek Finance Minister Philippos Sachinides said that with the establishment of the permanent support mechanism, European counterparts will be able to resolve effectively and more swiftly any threats to the European common currency.

The bill's ratification was one of the last few tasks of the transitional coalition administration which took office last November before leading Greece to early general elections in late April or mid-May.

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