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US to buy stake in banks WASHINGTON: Oktoobar 12, 2008

Posted by spiritualphilantropy in News in English.
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The US government will buy an ownership stake in a broad array of American banks for the first time since the Great Depression, Treasury Secretary Henry Paulson said late Friday. Separately, the U.S. and the globe’s other industrial powers pledged to take “decisive action and use all available tools” to prevent a worldwide economic catastrophe. “This is a period like none of us has ever seen before,” declared Paulson at a rare Friday night news conference. He said the government program to purchase stock in private U.S. financial firms will be open to a broad array of institutions, including banks, in an effort to help them raise desperately needed money. The administration received the authority to take such direct action in the $700 billion economic rescue bill that Congress passed and President Bush signed last week. Paulson announced the administration’s new effort to prop up banks at the conclusion of discussions among finance officials of the Group of Seven major industrialized countries. That group endorsed the outlines of a sweeping program to combat the worst global credit crisis in decades.

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