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Editorial Note: The following news reports are summaries from original sources. They may also include corrections of Arabic names and political terminology. Comments are in parentheses. |
German Parliament Approves $685 Billion Financial Rescue Plan
German upper parliament house approves huge financial rescue plan
www.chinaview.cn 2008-10-17 19:17:55
BERLIN, Oct. 17 (Xinhua) --
Germany's upper house of parliament, the Bundesrat, on Friday approved the government's huge financial rescue plan worth nearly 500 billion euros (685 billion U.S. dollars).
The rescue plan, tabled by Chancellor Angela Merkel's cabinet earlier on Monday, was approved unanimously by deputies from all 16 German states at the upper house.
German President Horst Koehler is expected to sign the plan later in the day to make it effective immediately.
Germany's rescue plan, amounting to about 20 percent of the country's gross domestic product, is part of Europe-wide efforts to shore up European financial institutions amid the financial crisis.
Under the plan, the German government would offer a maximum volume of 400 billion euros (548 billion dollars) in guarantees and a separate fund of 70 billion euros (96 billion dollars), with extra leeway of 10 billion euros (14 billion dollars), to be used to recapitalize banks.
Lower house of German parliament approves huge financial rescue plan
www.chinaview.cn 2008-10-17 16:13:25
BERLIN, Oct. 17 (Xinhua) --
German Bundestag, or the lower house of the German parliament, on Friday voted and passed the government's huge financial rescue plan worth nearly 500 billion euros (about 685 billion U.S. dollars).
The rescue plan, tabled by Chancellor Angela Merkel's cabinet earlier on Monday, was approved by an overwhelming majority of lawmakers, with 476 voting in favor, 99 against and one abstention. The rescue plan is still awaiting the votes at German Bundesrat, or the upper house of the German parliament, which is due later on the day.
After that, German President Horst Koehler is expected to sign the plan to make it effective immediately.
Germany's rescue plan, amounting to about 20 percent of German's gross domestic product, is part of European bail-out effort.
Among the rescue plan, the German government would offer a maximum volume of 400 billion euros (around 548 billion U.S. dollars) in guarantees, a separate fund of 70 billion euros (some 96 billion U.S. dollars), with extra leeway of 10 billion euros (about 13.7 billion U.S. dollars), is to be used to recapitalize banks.
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