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Germany throws 100bn euro lifeline to ailing companies

Latest update : 2009-01-07

Following the German government's decision last year to offer a 400 billion euro rescue fund to the country's banks, it will now create a similar fund for private enterprise.

AFP - The German government plans to offer up to 100 billion euros (137 billion dollars) in help for companies who are experiencing financing difficulties, the head of the parliamentary group CDU-CSU Volker Kauder said Wednesday.

The assistance is designed for companies struggling to secure funding from banks or who are unable to raise capital in the financial markets, Kauder told the daily General Anzeiger newspaper, which issued a statement.

"As long as banks are not increasing their appetite to award loans, the public powers must make investments possible for our economy by making loans available," he said according to the interview to be published Thursday.

The German government offered 400 billion euros to help the banking sector with financing difficulties in the midst of the financial crisis last year.
  

Date created : 2009-01-07