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German Parliament to vote on Spanish bank rescue
German Parliament meets in special session to vote on Spanish bank rescue package
By The Associated Press

BERLIN (AP) Germany's Parliament is interrupting its summer break to vote on a rescue package worth up to 100 billion ($122 billion) for Spain's ailing banks.

Chancellor Angela Merkel has said she's optimistic of securing a broad majority for the bailout at Thursday's special session. As much as 30 billion could flow to Spain's banks by the end of the month from the eurozone's rescue fund.

Germany's Parliament has to endorse all decisions to use money from the fund.



Deputy Finance Minister Steffen Kampeter told ARD television that helping Spain's banks which have been hit hard by a burst real-estate bubble is "above all in the interest of Europe's financial market stability and so also in the interest of jobs in Germany."

Germany, Europe's biggest economy, contributes more than others to the bailout fund.


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