German Cabinet Approves Bailout

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European governments have been trying to come up with a unified response to the financial panic. Germany's cabinet approved a rescue plan Monday that could cost nearly $700 billion. France and Italy are also announcing financial rescue packages. And earlier Monday, British officials unveiled a plan to inject billions into three of its major financial institutions. It will also buy shares in those banks, meaning it will become an equity owner. The U.S. Treasury is planning a similar move.

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