Germany declines to join U.S. financial bailout package

BERLIN, Sept. 22 (Xinhua) -- Germany will not join in the 700 billion U.S. dollars bailout package provided by the U.S. government to deal with the financial crisis, said a government spokesman on Monday.

At present, the German government doesn't see any need and have no plans in joining in such massive bailout package, said Ulrich Wilhelm, a spokesman of the German Foreign Ministry.

The Bush administration announced last Saturday its largest financial bailout since the Great Depression, planning to buy 700 billion dollars of bad debt from financial institutions in a bid to tackle the financial crisis.

The U.S. administration is urging other major industrial countries to join in its rescue package to fight current financial crisis, according to an article in Sueddeutsche Zeitung.

Group of Seven nations welcomed the 700 billion U.S. dollars markets bailout plan on Monday but there was no sign that other governments saw any need to follow Washington in setting up rescue packages of their own, according to a report by Reuters.