BREAKING NEWS

Germany approves euro assistance package of more than €120bn

By ASSOCIATED PRESS

MAY 21, 2010 20:17

BERLIN — The German parliament has approved the country's share of the huge euro-zone rescue package.

The lower house of parliament voted 319-73 with 195 abstentions in favor of the plan. Representatives of Germany's 16 states raised no objections in the upper house later Friday — meaning that the chamber passed the bill.

It now goes to President Horst Koehler for his signature — expected to be a formality.

The €750 billion (nearly $1 trillion) package was drawn up two weeks ago.

Germany, Europe's biggest economy, will contribute between €123 billion and €147.6 billion in loan guarantees. It comes soon after a separate package to rescue Greece — which was already unpopular, given that Germans dislike the idea of paying for others' financial missteps.

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