Germany agrees euro rescue plan

Germany today approved its share of the huge eurozone rescue package.

The lower house of parliament voted 319-73 with 195 abstentions in favour of the plan.

Representatives of Germany’s 16 states raised no objections in the upper house later – meaning that the chamber passed the bill.

It now goes to President Horst Koehler for his signature – expected to be a formality.

The €750bn package was drawn up two weeks ago.

Germany, Europe’s biggest economy, will contribute between €123bn and €147.6bn in loan guarantees.

It comes soon after a separate package to rescue Greece – which was already unpopular, given that Germans dislike the idea of paying for others’ financial problems.