The European Union has approved bank rescue measures for many of the continent's major economic powers.
The move clears the way for cash injections and loan guarantees to help lenders through the global financial crisis.
TheEurosymbolstandsinfrontofFrankfurt'sEurotower
housingtheEuropeanCentralBank,2005.
(AFP/File/JohnMacdougall)
The EU Commission Tuesday approved a guarantee package that Germany intends to grant to NordLB to cover the bank's medium-term refinancing.
The EU Commission also gave a green light to modifications to Britain's bailout plan valued at about five hundred billion pounds.
In addition, the financial bailout schemes proposed by Spain and Italy also won approval. Their overall budget reaches 100 billion euros and 20 billion euros respectively.
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