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German parliament approves 500B euro financial bailout

(Xinhua)
Updated: 2008-10-17 21:13

BERLIN - Germany's parliament on Friday overwhelmingly approved a 500 billion euro (US$675 billion) rescue package for the country's financial markets.

German Chancellor Angela Merkel (L) holds up her hand as she votes during the second reading of a bill during a session of the Bundestag in Berlin October 17, 2008. Germany's Bundestag lower house of parliament approved a 500-billion euro ($673.8 billion) bank rescue package on Friday. [Agencies]

"We hope that the law passed today will hinder the worst from happening to the financial markets," said Peter Struck, parliamentary leader for the Social Democrats, which make up half of Chancellor Angela Merkel's coalition government.

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The German plan, handed to parliament after approval Monday by Merkel's Cabinet, is part of a coordinated European bailout effort in the face of nervous, volatile markets.

Earlier this week, Merkel warned that "the danger for financial market stability has not yet been banished."

"We must, by approving this bill, as quickly as possible create the basis for calming the situation on the markets," she said.

The German package foresees up to euro400 billion (US$540 billion) in lending guarantees for banks.

On top of that comes as much as euro80 (US$108) billion to recapitalize banks and, if necessary, buy up risky assets; plus euro20 billion (US$27 billion) to back up the guarantees.

The sums are considered a maximum, and might not all be spent if the financial crisis eases.

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