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Germany Approves Euro Rescue Package


The German government says it has approved the country's contribution to the $1 trillion emergency rescue package to stabilize the euro currency.

A government official said Tuesday that Germany is expected to contribute at least $157 billion to the debt rescue measures.

The German lower house of parliament, the Bundestag, is scheduled to discuss the issue Tuesday afternoon.

The European Union and the International Monetary Fund put up nearly $1 trillion Monday to contain Greece's debt crisis and to prevent financial turmoil in other struggling European economies that use the euro.

German voters have expressed anger about financial aid for Greece, as German Chancellor Angela Merkel's center-right alliance in North Rhine-Westphalia, Germany's most populous state, was defeated Sunday.

The German public had voiced strong opposition to the $28.6 billion payout, despite a consensus among members of the 16-nation eurozone that such a move was necessary to stabilize the single currency.

Some information for this report was provided by AP, AFP and Reuters.

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