Otto Von Bailout
Posted on Oct 17, 2008
If you thought the United States’ $700-billion bailout would quell the global financial crisis, think again. The German parliament just approved a $675-billion bailout of Germany’s financial markets, a plan that is part of a coordinated European response to volatile global and regional markets.
Germany’s parliament has overwhelmingly approved a $675bn rescue package for the country’s financial markets.
The plan, which was handed to the lower parliament after its approval on Monday by Germany’s cabinet, was voted for under a fast-track procedure, with 476 politicians in favour, 99 against and one abstention.
The upper house then approved the package unanimously.
Peter Struck, parliamentary leader for the Social Democrats, which makes up half of the coalition government, said: “We hope that the law passed today will hinder the worst from happening to the financial markets”.
IKB Deutsche Industriebank, a troubled bank that was bailed out last year, will be one of the banks receiving funds from the German government’s $675-billion plan.