Paulson expects more bank failures despite bailout plan
Thursday, 9 October 2008
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US Treasury Secretary Henry Paulson has admitted that he expects more American banks to fail despite the Bush administration's $700bn bailout plan.
Mr Paulson is also warning that global financial markets remain severely strained and that the turmoil will not end quickly.
Yesterday, Central Banks around the world cut interest rates by half of one percentage point in a co-ordinated move aimed at boosting the markets.
Most European and Asian shares were up today as a result of the intervention.
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