THE SCOTSMAN 09 October 2008 By Lindsay McIntosh
Photo credit: The Scotsman
IT WAS a day of desperate global action, unprecedented in both scale and cost, intended to stymie the international devastation being wrought by the financial crisis...
...Eight UK banks and building societies – including Royal Bank of Scotland, Halifax Bank of Scotland, Barclays, Lloyds TSB and Nationwide – have pledged to increase their capital by £25 billion but the government will pump in the funds if called upon. The Treasury also stands ready to make at least another £25 billion available, if necessary.
...Central banks across Europe, the US, Canada and China also reduced interest rates in an emergency move
The measures themselves will not on their own end the financial crisis. This is global in nature and the interlinkages are complex – and potentially highly flammable. So it is unlikely measures by any one country can return financial conditions to normal.
See related articles in the wake of the global financial crisis:
Australia: Behold the brave new financial world
San Francisco: World's banks join up to slash interest rates
New York: Is this Capitalism’s End of Days?
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