Germany Lawmakers OK Eurozone Aid Plan

Germany's lower house of parliament gave the thumbs up to Germany's share of the nearly $1 trillion rescue package for debt-ridden eurozone nations.
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Update from 6:44 a.m. EDT

BERLIN (

TheStreet

) -- Germany's lower house of parliament gave the thumbs up to Germany's share of the €750 billion ($1 trillion) rescue package for debt-ridden eurozone nations and the upper house followed suit later in the day.

Germany's lower house of parliament voted 319-73 with 195 abstentions in favor of the plan, the

Associated Press

reports. The upper house represents Germany's 16 states.

Germany is expected to contribute between €123 billion and €147.6 billion in loan guarantees, according to the

AP

.

The bill now goes to President Horst Koehler for his signature, which is expected to be a formality.

"We have to put into effect what we have agreed, because markets will only trust when it is actually in effect," Finance Minister Wolfgang Schaeuble told lawmakers before the vote. "The reality is that the markets look more at Germany than at Cyprus or Malta ... so it is right, in order to win markets' confidence, that we decide so quickly."

-- Reported by Joseph Woelfel in New York.

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