September 29, 2011 / 7:11 PM / 8 years ago

RPT-Estonian parliament passes EFSF agreement

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TALLINN, Sept 29 (Reuters) - The parliament of new euro zone member Estonia on Thursday approved joining and extending the powers of the euro zone bailout fund after an extended late-night debate.

A total of 59 members of the 101-seat parliament voted for joining the European Financial Stability Facility (EFSF), with 18 against the bill and 24 members were not present at session.

Euro zone leaders agreed on July 21 to give the EFSF the power to give precautionary loans to countries and to buy sovereign bonds when needed. The agreement requires approval by all euro zone member states’ parliaments.

Estonia is the newest member of the euro zone and its highest possible contribution to the fund would be loan guarantees worth 1.995 billion euros ($2.7 billion). ($1=0.735 euro) (Reporting by David Mardiste)

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