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Germany unveils 480 billion euro rescue package Oktoobar 13, 2008

Posted by spiritualphilantropy in News in English.

A German government financial rescue scheme includes 80 billion euros (108 billion dollars) in fresh capital for banks and 400 billion euros in loan guarantees, a finance ministry statement said. The measures were discussed and approved by Chancellor Angela Merkel’s cabinet and were due to be voted on by MPs with a view to the package becoming law this week. ‘Without a functioning financial system the access of individuals and companies to credit is destroyed,’ the statement said. The proposals, hammered out in consultation with the German central bank, the financial regulator and representatives from the banks, are aimed at ‘stabilising the financial market, ensuring the supply of capital to the German economy and providing security for savers and investors,’ it said.



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