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    Germany, France unveil a total 860 billion euro bank rescue plan

    HotNewsTurkey with wires
    13.10.2008 - 12:02 | Son Güncelleme:

    Germany's cabinet has passed a bank rescue plan totaling 500 billion euros for its banks as France announced a 320 billion euros guarantee for bank lending, with another 40 billion euro fund to take stakes in companies. (UPDATED)

    Germany's cabinet approved a rescue plan worth up to 500 billion euros ($679.3 billion) for its banks. The package provides 400 billion euros in bank guarantees and makes a further 100 billion euros of state funding available.   

    German Chancellor Angela Merkel told reporters on Monday that financial rescue packages would only work if they were accompanied by improved international regulation that will end "market excesses".

    French President Nicholas Sarkozy also announced the government would guarantee bank lending. France will use two entities to help banks with one offering 320 billion euros to guarantee bank lending, and a further 40 billion euro fund to take stakes in companies.

    Photo: AFP




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