- PAC supports idea of making Pak Army's financial records public
- Pak heading towards 'demographic disaster', warn experts
- Teenager charged for mutilation murder of Brit Indian
- Arrest warrant issued against two ministers in Karzai's cabinet
- Headley always felt pulled between East and West: Investigators
- Oz boarding school mistress charged with sexual assault on boys
EU approves Germany's banking rescue plan
Brussels, Oct 28 (DPA) The European Commission Tuesday approved Germany's 470 billion euro ($588 billion) financial rescue package after finding that it does not violate European Union (EU) treaty rules.
'The package constitutes an adequate means to remedy a serious disturbance in the German economy while avoiding undue distortions of competition,' the bloc's executive arm said in a statement.
-
E-mail Article 
Printer Friendly
Text-Size 
In approving the package, officials in Brussels noted that the German measures do not discriminate against foreign banks, they are limited in time and scope, and they foresee 'adequate safeguards to minimise distortions of competition'.
Approved by the German parliament earlier this month, the package foresees up to 400 billion euros in inter-bank lending guarantees and a 70 billion euro fund to recapitalise banks and take toxic assets away from them.
New era commences with the EUâ??African summit after 7 years.
Veteran rockers to keep receiving royalties under new EU scheme.
EU bureaucrats outnumber British army two to one.
India, US, EU, Japan congratulate Nepal's PM Prachanda.
EU to push European films to Indian cinemas.