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October 2008
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German parliament backs bail-out

BBC News
October 17, 2008

Germany’s parliament has backed what has been billed as the largest financial rescue package in Germany’s post-war history.

German MPs backed the plan by an overwhelming majority

Up to 500bn euros ($670bn; Ãƒâ€šÃ‚Â£387bn) will be used to pour fresh money into banks and to guarantee loans between them.

The measures were passed overwhelmingly in the lower house and then unanimously in the upper house.

The plan was rushed through and is expected to be signed into law by the president later on Friday.

Germany’s Economy Minister Michael Glos said the move was crucial not just for the banks, but primarily for “the good of citizens and the economy”.

“Everything must be done to restore confidence” in the financial sector, he said.

Germany has been hit by a stream of data suggesting its economy is grinding to a halt.

Its own forecasts suggests 2009 will see growth of no more than 0.2%.

The German banking system has not been hit as badly as some others by the global credit crisis.

But the predicament of the major German lender Hypo Real Estate, which had to be bailed out because of its heavy dependence on interbank loans, convinced the government it had to act.

Source | See Also: Wall Street banks in $70bn staff payout | Regulator says brokers failed on ABCP, sets new guidelines | US Bailout Cost Heads Towards $5 Trillion | Market Euphoria Dissipates | Loonie leaps, then reverses course | $25B credit backstop for banks ‘not a bailout’: Harper | Brown wants ‘global’ bank support | US considers following British example of taking stakes in banks | New World Order: Global co-operation, nationalisation and state intervention – all in one day | TSX closes up 226 points in wild day after rate cuts | Federal Reserve Moves to Monetize Commercial Paper Debts | Stocks recoup some losses after markets hit by panic selling | Star column blames ‘Capitalism’ for market woes, offers false choice: Authoritarianism or Socialism | Bank of Canada greases financial system with $12B in new cash | Stock markets drop despite bailout | Why Paulson’s Plan is a Fraud | Representatives Were Threatened With Martial Law In America Over Bailout Bill | Congress Rejects (First) Bail-Out Plan | Congressman Ron Paul: Bailout Will Destroy Dollar, World Economy | Paul Martin calls for ‘global solution’ | Markets sink as woes spread | UK banking shares plunge as crisis deepens | Congressman Ron Paul Schools Fed Chairman Bernanke on the Bailout Plan | Bailout is “petty cash”, Inflation is the Federal Reserve’s real crime | Private Federal Reserve Makes Power Grab as Bush, McCain Urge Congress to Approve Plan | Canadian Supreme Court refuses to hear appeal in ABCP case | Last major investment banks in U.S. change status | U.S., British market regulators ban short-selling | Next Federal Reserve bank bailout round could cost taxpayers 1$ Trillion Dollars | Bank of Canada piles on in global inflationary swindle | Central banks continue inflating global economy | Central Banks Move to Transfer Wealth from Taxpayers to Banks | Crisis on Wall St. as firms collapse | Goldman-Sachs Alumni Hold Reins of Financial System | Frontrunners emerge in scramble to save another major bank | Lehman Brothers on Verge of Collapse, Wall Street Fears | US Treasury nationalizes Freddie Mae, Fannie Mac | Cities Debate Giving Away Public Infrastructure to Bankers | Court Grants Big Banks Immunity from Lawsuits over Derivatives Losses | Bush Calls for New Highway Tolls, More Private Funding of Roads | US mortgage firm bailout includes rider clause to expand police state: all credit card transactions now to be reported to IRS | Global ‘liberalization’ illusion under threat. Economist calls for world economic regime, Keynesian saviour. Irony? | Federal Reserve cites global stakes in Fannie and Freddie rescue | Financial ’super cop’ role for Fed | What Really Killed Bear Stearns? | Soros points out regulated markets fail to operate on market fundamentals, calls for more regulation | Competition study calls for lowered barriers to foreign ownership, bank mergers | Massive overhaul urged on foreign investment in airlines, media, and banks | Bilderberg Seeks Bank Centralization Agenda | Secretive Bilderberg Group Reverses Policy, Releases Press Release and Attendance List | Banks face “new world order,” consolidation: report

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This entry was posted on Friday, October 17th, 2008 at 9:58 am and is filed under accountability, appropriation, economics, money. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.