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World

German parliament passes 1.1 trillion euro rescue package

Scattered sparsely throughout the chamber to limit the possibility of infection, MPs agreed 156 billion euros of ne
25 Mar 2020
  • Scattered sparsely throughout the chamber to limit the possibility of infection, MPs agreed 156 billion euros of new borrowing.
  • The package will now go to Germany's second house representing the federal states, with passage almost certain as state leaders have all unanimously voiced their support.

BERLIN: Germany's parliament voted through Wednesday a package of measures to shield Europe's largest economy totalling almost 1.1 trillion euros ($1.2 trillion).

Scattered sparsely throughout the chamber to limit the possibility of infection, MPs agreed 156 billion euros of new borrowing, backing up a broadside of support to business and the health system as well as hundreds of billions in guarantees for bank loans to firms.

The package will now go to Germany's second house representing the federal states, with passage almost certain as state leaders have all unanimously voiced their support.