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German Bundestag approves bank bailout

Latest update : 2008-10-17

The German lower house of parliament approved a 480 billion euro rescue plan for Germany's banks, clearing the first parliamentary hurdle for the package to pass. The plan is part of a multinational agreement to prevent financial collapse in Europe.


  
The German lower house of parliament approved Friday the government's 480-billion-euro (650-billion-dollar) rescue package for the crisis-ridden financial sector.
  
A total of 476 parliamentarians voted for, 99 voted against and one abstained.
  
The Bundestag vote was the first parliamentary hurdle for the package to pass. It must now be approved by the upper house or Bundesrat, before it can be signed into law by President Horst Koehler later on Friday.

Date created : 2008-10-17

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