Paulson Fears That Even More Us Banks May Fail
Evening Standard - London › October 09, 2008
Linked as:
Summary
US Treasury Secretary Hank Paulson today warned that more American banks could fail and that financial markets remain "severely strained" amid continuing fears about the prospects for the world's economies.
Mr Paulson said the financial turmoil in international markets had "seriously impacted" the US economy and that even the $700 billion bank bail-out, enacted via an Emergency Economic Stabilisation Act, might not be enough to save all institutions. He said: "The Act doesn't exist to save every financial institution." Mr Paulson added that economic momentum has slowed "substantially across the industrialised countries" because of the financial turmoil, and said that he would be discussing ways to tackle the continuing instability at a meeting in Washington of the G7 finance ministers.See the full content of this document
Extract
Paulson Fears That Even More Us Banks May Fail
His remarks follow a warning by the Inter...
See the full content of this document
Sponsored links
