The German government will move swiftly to approve its share of the new rescue package for the euro zone, Chancellor Angela Merkel said Monday, calling the plan a necessary measure to protect her compatriots' money. Merkel said her Cabinet will pass the package of loan guarantees in a special meeting Tuesday and it will then go to parliament for «quick but thorough» consideration. Under the three-year plan, the European Commission _ the EU's governing body _ will make ¤60 billion ($75 billion) available while countries from the 16-nation euro zone would promise backing for ¤440 billion ($570 billion). The IMF would contribute an additional sum; and the European Central Bank said it is ready to buy debt from the euro zone. «We are convinced that everything was done to be able to secure the stability of our currency,» Merkel said at a brief early morning news conference, according to a report of the Associated Press.
