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19:35, October 13, 2008 |
Germany is to inject 70 billion euros (about 95 billion U.S. dollars) into the banking system of the country this week as part of a rescue plan for the world economic system, German news agency DPA reported on Monday.
Germany's Finance Ministry would be authorized to use the funds to cover a liquidity injection for the banks and to take over tainted securities, DPA cited governmental sources as saying.
Up to 400 billion euros more (about 543 billion dollars) would be offered in government guarantees.
Germany will set up a government fund that will inject money into the banks while accepting troubled assets from the banks as security.
German Chancellor Angela Merkel was expected to speak to the media in the afternoon, according to the news agency.
Source: Xinhua
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