Government sends savings account guarantee bill to lower house

The government has sent a proposal for savings account guarantees of up to 50,000 euros to the Chamber of Deputies, aiming to see the bill passed as quickly as possible in light of the global financial crisis. The plan was approved by the government earlier this week. The opposition Social Democrats have said that they will recommend proceedings on the bill to be shortened to two days, but stressed they will push for the guarantee to be doubled to 100,000 euros. Earlier, the finance minister made clear the coalition was not against doubling the limit covered, but only if a number of EU states back-pedalled on blanket guarantees.

Author: Jan Velinger