Berlin ( CNN ) -- Germany 's parliament voted Thursday to increase the powers of Europe 's bailout fund , as Greece 's debt woes fuel fears of a wider financial crisis . The vote passed by a large majority -- 523 in favor to 85 against , with three abstentions -- which should boost confidence in European markets . Expansion of the European Financial Stability Facility -- Europe 's bailout fund -- so it can increase its lending capacity from around â‚¬250 billion to â‚¬440 billion must be ratified by a number of European countries . Germany 's parliamentary approval follows votes in favor this week from Austria and Finland . But the vote in Germany 's lower house of parliament , the Bundestag , was seen as particularly crucial because it is the eurozone 's biggest economy , and its Chancellor Angela Merkel is a key figure in attempts to pull the bloc out of its crisis . The bailout fund is being increased after the initial fund , which was put in place after Greece 's â‚¬110 billion bail out last May , was tapped by Ireland and Portugal , before Greece returned for more help . The original fund was meant to stem the crisis but this has not happened . Instead , the crisis has intensified , feeding global instability and driving the eurozone to the edge of recession . The new powers will allow the fund also to buy sovereign bonds in the capital markets , a strategy designed to prop up debt prices and help struggling eurozone countries fund themselves . CNN 's Frederik Pleitgen , Rick Noack and Irene Chapple contributed to this report .
Germany 's parliament passed the measure by a large majority . It is one of a number of European countries that strongly support the plan . Germany 's support of the expansion plan is key because of its economic strength .