German Chancellor Angela Merkel has defended her government's decision to use 500 billion euros of taxpayers' money to rescue troubled German banks in a speech to the lower house of parliament in Berlin.
The chancellor said the global economy was facing its most difficult challenge since the Great Depression of the 1930s. She added that the funds were not intended to save individual private banks, but instead to safeguard the interests of the country's citizens. The government is hoping to put the bailout package to a vote in parliament on Friday.
(Deutsche Welle)
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