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India On Media |
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| Politics
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| US warns of further bank failures |
| The US treasury secretary has warned some banks will still fail despite the $700bn (£406bn) rescue package to shore up the financial system
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| UNITED STATES OF AMERICA
, 9-October-2008
6:3:11 AM |
| Henry Paulson called for the plan's swift implementation, but said the financial crisis would not end soon.
Seven central banks on Wednesday cut interest rates in an effort to steady the faltering global economy.
The co-ordinated effort was carried out by banks including the US Federal Reserve and the European Central Bank.
More work to do
The IMF's chief economist, Oliveri Blanchard, said the orchestrated rate-cuts could not solve the world's financial crisis on their own but "were clearly a step in the right direction".
Henry Paulson called for the plan's swift implementation, but said the financial crisis would not end soon.
Seven central banks on Wednesday cut interest rates in an effort to steady the faltering global economy.
The co-ordinated effort was carried out by banks including the US Federal Reserve and the European Central Bank.
More work to do
The IMF's chief economist, Oliveri Blanchard, said the orchestrated rate-cuts could not solve the world's financial crisis on their own but "were clearly a step in the right direction".
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