Europe's largest economy – Germany is now all set to support weak economies under euro zone. The results of the voting includes 523 lawmakers backed more powers for the EFSF, 85 voted against and 3 refrained.
This would allow fund to buy bonds in secondary markets, offer precautionary credit lines and enable bank recapitalization.
With this Germany will support upto 211 billion euros of the fund's 440 billion euros worth of guarantees, though analysts say this would not be enough to meet the debt crisis, but at least this would give more time to resolve Eurozone's problems.
Nevertheless, Europe is trying in all way to overcome its economic crisis, for some time though this news is surely going to cheer investors globally.