French Senate Approves EU Safety Net Package

France's Senate has approved and effectively finalized the country's contribution to a 750 -billion-euro rescue package to stabilize the euro.

The French Senate on Thursday approved a bill allowing France contribute 111 billion euros to a 750-billion-euro financial safety net package.

Senators voted 309 in favor and 24 against a budget amendment as both the ruling central-right and the opposition Socialists had backed the package.

The vote came after the lower house of parliament approved it earlier this week with an overwhelming majority.

European finance ministers last month had agreed on a 500-billion-euro fund to protect eurozone countries with troubled finances from bankruptcy, with a further 250 billion being contributed by the International Monetary Fund.

France is the second largest contributor, after Germany, which will have to give 123 billion euros.