Germany's parliament has approved the country's contribution to a $1-trillion aid package to protect debt-ridden European countries and stabilize the euro currency. German lawmakers in the lower house of parliament, the Bundestag, voted 319 to 73 for the bailout package. The measure passed, but with 195 abstentions. The upper house also lent its approval.That gives the go ahead for Germany to contribute up to nearly $200 billion to a package of loan guarantees to stave off default by some of Europe's weaker and more debt-ridden economies, and thereby hopefully stabilize the euro.
German Finance Minister Wolfgang Schaueble told lawmakers it is in Germany's national interest.
Analysts warn that bailout packages alone will not be enough to stabilize the euro. They say tougher measures to regulate public spending in individual countries are needed.
European finance ministers gathered in Brussels Friday to discuss such measures including new, tougher rules for public finances and government action to cut debt.