Eyes on Germany as lawmakers vote on euro rescue

BERLIN (AP) - With the future of the euro in the balance, German lawmakers were expected Friday to approve the massive rescue deal to save the common currency and contain the debt crisis, a package the government said combines solidarity with a drive to heal public finances.

Both houses of parliament were scheduled to vote on the euro750 billion (nearly $1 trillion) package drawn up two weeks ago and Chancellor Angela Merkel's government holds a majority in both.

Germany, Europe's biggest economy, is to contribute between euro123 billion and euro147.6 billion in loan guarantees.

Merkel called for lawmakers' approval on Wednesday, declaring that "if the euro fails, then Europe fails." Merkel's center-right coalition has a parliamentary majority.

Germany has pushed hard for aid to debt-laden European countries to be coupled with requirements to bring down deficits.

"It is right to say: yes to solidarity with others - but combined with the necessary demand for solidity, so that there is not an unconditional aid action," said Michael Meister, a lawmaker with Merkel's Christian Democrats.

Two opposition parties planned to abstain and the third, the hard-left Left Party, to vote against.

Lawmakers rejected an attempt by some in the opposition to force a delay in the debate. The Greens argued that it wasn't necessary to vote on Friday and that parliament still needed to see more details of the deal.

The biggest opposition party, the Social Democrats, said it would abstain because it doesn't think separate undertakings given by Merkel to seek taxation of financial markets are specific enough.

A senior lawmaker with the party criticized Merkel for not moving fast enough to regulate markets which many blame for worsening both the current crisis and the banking crisis of 2008.

"It is noticeable that we move at different speeds depending on whether it's about saving banks or calming nervous financial markets, or whether it's about defending citizens against these financial markets by regulating," Thomas Oppermann said.