Germany's Cabinet has unveiled a 500 billion euro rescue package designed to stabilise the country's banking sector.
Germany's sixteen states will shoulder around one third of the final bill. The proposed rescue package reportedly includes around 80 billion euros in fresh capital and some 400 billion euros in guarantees for interbank lending. Chancellor Angela Merkel said the measures being taken would only work if they were accompanied by improved international regulation that would end "market excesses". The bank rescue plan still has to be endorsed by parliament.
(Deutsche Welle)
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