German MPs back €100bn bailout for Spanish banks

The German Parliament has backed a rescue package worth up to €100bn for Spain's struggling banks.

The German Parliament has backed a rescue package worth up to €100bn for Spain's struggling banks.

MPs voted 473-97 to support the bank bailout, with 13 abstentions.

Germany’s Parliament has to endorse all decisions to use money from the eurozone’s rescue fund.

The country is Europe’s biggest economy and the biggest single contributor to the bailout fund; it will guarantee loans to the tune of up to €29bn under the Spanish package.

Officials argue that stabilising Spain’s banking sector – which has been hit hard by a burst property bubble – is necessary to ensure the eurozone’s debt crisis does not spread further.

Eurozone finance ministers are to give final approval to the bailout tomorrow.

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