German lawmakers approve the country's share in the 750 billion euros aid

By IBTimes Staff Reporter | May 21 2010 9:01 AM

The German lower house of Parliament agreed on paying 148 billion euros which is the country's share of the 750 billion euros bailout that will be paid to highly indebted countries in the region with a vote of 319 to 73, where the legislation will be signed by the German president later on today to be confirmed as a law.

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The decision will stop any objections with regard helping other nations that were aroused over the past few months. Lawmakers saw that not helping the debt-stricken nations now may yield in far-reaching calamity and lead to further depreciation in the euro that slid to the lowest level in four years against the U.S. dollar this week.

Moreover, European finance ministers will meet today in Brussels to introduce new measures to contain the debt crisis prevailing in European nations. The German finance minister will launch a new plan to avoid the repetition of the Greek debt woes in other European economies.