German Government Approves $1 Trillion Emergency Package to Stabilize Euro Economy

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, Voice of America informs.

The 16-nation single currency, which surged above $1.30 early on Monday, slipped below $1.27 as traders weighed debt worries and a perceived blow to the European Central Bank's independence in its weekend policy reversal to start buying euro zone government bonds.

The emergency plan -- the biggest since G20 leaders threw money at the global economy following the collapse of Lehman Brothers in 2008 -- wowed markets with its sheer size and sparked a spectacular rally in world stocks and the euro, Reuters reports.

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