Massive rescue package for Germany's banks has now been signed (17.10.2008) 18 UTC

A massive rescue package for Germany's banks has now been signed into law after receiving overwhelming support from both houses of the German parliament. The plan includes a pledge of 400 billion euros in loan guarantees, up to 80 billion euros to recapitalize banks, and a further 20 billion to cover potential losses from loans. Chancellor Angela Merkel unveiled the plan on Monday as part of a concerted effort by governments around the world to stabilize markets.