Germany Seeks To Revive Economy With $32.5 Billion Growth Package

Berlin, Germany (AHN) - Even though Germany's economic indicators are slightly improving the federal government is sparing no effort in boosting its economy through a $32.5 billion growth package.

The number of unemployed Germans is expected to be reduced by 10,000 in October to add to the 29,000 who got jobs in September. Inflation rate has also decreased to 2.4 percent from September's 2.9 percent due to falling oil prices.

According to Peter Struck, the head of the German Social Democratic Party's parliamentary group, the bulk of the $32.5 billion (25 billion euro) package will be infrastructure projects. The German cabinet was slated to vote on the growth package Wednesday.

Meanwhile, according to Finance Minister Peer Steinbrueck, some German banks which initially were not interested in seeking assistance from the financial market stabilization authority created by legislators in mid October have turned around and said they plan to seek help.

The authority could guarantee interbank loans and grant banks fresh funds of up to $622 billion (480 billion euro) which is part of the rescue plan announced three weeks ago.