Germany's upper house of parliament, the Bundesrat, on Friday approved the government's huge financial rescue plan worth nearly 500 billion euros (685 billion U.S. dollars).
The rescue plan, tabled by Chancellor Angela Merkel's cabinet earlier on Monday, was approved unanimously by deputies from all 16 German states at the upper house.
German President Horst Koehler is expected to sign the plan later in the day to make it effective immediately.
Germany's rescue plan, amounting to about 20 percent of the country's gross domestic product, is part of Europe-wide efforts to shore up European financial institutions amid the financial crisis.
Under the plan, the German government would offer a maximum volume of 400 billion euros (548 billion dollars) in guarantees and a separate fund of 70 billion euros (96 billion dollars), with extra leeway of 10 billion euros (14 billion dollars), to be used to recapitalize banks.
Source:Xinhua
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