The German government says it has approved the country's contribution to the $1 trillion emergency rescue package to stabilize the euro currency.
A government official said Tuesday that Germany is expected to contribute at least $157 billion to the debt rescue measures, Voice of America informs.
The 16-nation single currency, which surged above $1.30 early on Monday, slipped below $1.27 as traders weighed debt worries and a perceived blow to the European Central Bank's independence in its weekend policy reversal to start buying euro zone government bonds.
The emergency plan -- the biggest since G20 leaders threw money at the global economy following the collapse of Lehman Brothers in 2008 -- wowed markets with its sheer size and sparked a spectacular rally in world stocks and the euro, Reuters reports.
Russia and Iran play in tandem to raise oil prices, while the tandem of the United States and Saudi Arabia has a goal to cause oil prices to collapse