German parliament approves financial bailout

BERLIN: Germany's lower house of parliament has overwhelmingly approved a USD 675 billion rescue package for the country's financial markets.

Lawmakers voted 476 in favour and 99 against the plan with one abstention.

The plan was approved Monday by Chancellor Angela Merkel's Cabinet. It is widely expected to pass the upper house, its final legislative hurdle, later today.

The rescue package is part of a coordinated European bailout effort amid nervous, volatile markets.

The sum is considered a maximum, and might not all be spent if the financial crisis eases.