Finance Minister Peer Steinbrück announced Friday since Washington that Germany was in the process of finalizing national measures to support the banking sector to face the crisis that shook international markets.
"The government is to approve as quickly as possible the necessary laws and thus contribute to calm markets," said a representative of the German government Handelsblatt.
German Chancellor Angela Merkel should detail the plan Sunday at the conclusion of a summit of Heads of State and Government of the Eurogroup in Paris, according to this source.
This plan should be approved on Monday by the council of ministers to be submitted at the coming week in parliament, according to information transmitted daily Handelsblatt Saturday.
According to several newspapers (Die Welt, Handelsblatt and Spiegel), the State could secure loans from bank to bank amounting to hundreds of billions of euros and bail out banks in exchange for stakes in their capital, a plan that resembles strongly to that announced by London on Wednesday.
The experts estimate the cost between 300 and 400 billion euros, according to government sources quoted by Handelsblatt.
Questioned by AFP, a spokesman for the government stated that "details" of the plan were not yet "fixed" and that "various options are under consideration."
It is a volte-face that the German government is preparing to perform with a comprehensive plan for the banking sector.
Accused of having done it alone at the beginning of the crisis, rejecting the idea of a European action plan, Germany has shown a greater willingness to coordinate with its European partners.
Chancellor Angela Merkel found Sunday with his counterparts from the Eurogroup - countries that have adopted the euro - in Paris. It was Saturday a working meeting with French President Nicolas Sarkozy who insisted on their coordination.
"All decisions, all preparations, all the analysis, we are doing together," said Sarkozy at a joint press conference at Colombey-les-Deux-Eglises (eastern France).
Germany wants to work in line with other G7 members - Canada, USA, France, Great Britain, Italy, Japan - to cope with the crisis.
Seven pledged to help their banks to raise capital from public and private sectors and provide safeguards "robust and consistent" with deposits of savers. Berlin has already secured unlimited savings of individuals.
In Washington Friday, Bundesbank president Axel Weber, quoted on the site Spiegel-Online, now considered possible "a re-capitalization provisional institutions on the model of Britain, even an acquisition of stakes by the State ".
This last option is evaluated by experts from the government between 50 and 100 billion euros, according to Spiegel.
But mention any "nationalization" bank, very partial, seemed taboo in Berlin Saturday. Thursday evening, Chancellor Angela Merkel (CDU) had conceded he could not "exclude" this hypothesis.
The head of the CDU parliamentary group in the Bundestag, Volker Kauder, however, assured that the suggestion Berlin, "is not nationalization but a state aid that helps citizens," in an interview to appear Sunday.
Mr. Kauder confirmed that members would take measures "this week". His assistant was Michael Meister, he mentioned the option of nationalization "last resort".( Finance Information City )
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