German parliament approves bailout

Germany's Bundestag lower house of parliament approved a 500 billion euro ($673.8 billion) bank rescue package on Friday that Chancellor Angela Merkel hopes will restore confidence in a shaken financial system.

A large majority of 476 out of 576 parliamentarians voted in support of the package, which will come into effect on Monday if it wins approval in the Bundesrat upper house. Ninety-nine lawmakers voted against the plan, and one abstained.

"We hope that the law passed today will hinder the worst from happening to the financial markets," said Peter Struck, parliamentary leader for the Social Democrats, which make up half of Chancellor Angela Merkel's coalition government.