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Dutch move on $10 billion rescue program

  • Story Highlights
  • Dutch government green lights $10 billion economic stimulus plan
  • Plan includes tax breaks for employers taking on staff or new investments
  • It does not include tax cuts for individuals
  • Proposals must now go to the Dutch parliament
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(CNN) -- The Dutch government on Friday approved an economic stimulus package worth up to 8 billion euros ($10 billion) to help the country cope with the global financial crisis.

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Unlike some other stimulus programs around the world, the Dutch program would not offer money directly to taxpayers. It would offer a tax deduction to companies that make large investments and would provide funds to companies that hire workers for short periods of time.

It would also pay for the creation of a government program to find jobs for the unemployed, the Dutch prime minister's office said Friday. The package now moves to the parliament for approval.

The package could range between 4 billion and 8 billion euros ($5 billion to $10 billion), depending on the number of companies that take part, the prime minister's office said.

The program could have ripple effects on the world economy.

If the parliament approves the package, Netherlands will join a rapidly growing list of nations using public funds in hopes of pushing the private sector forward.

China unveiled a stimulus package last week valued at 4 trillion yuan ($586 billion). And earlier this week, German finance officials said the European Commission is planning a 130 billion euro program, to be financed by the 27 European Union member states.

Presidents and prime ministers from the Group of 20 countries met last week for a historic two-day summit in Washington to focus on the global economy.

G20 leaders said they would meet again by the end of April 2009 to review progress.

A final 3,600-word announcement endorsed several stimulative measures, including interest rate cuts by central banks around the globe or potential economic stimulus packages.

CNN's Isa Soares and Frederik Pleitgen contributed to this report

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