Latest Central bank Stories
WITH the world's financial markets still in turmoil today the US was fighting to get its $700 billion rescue up and running as Europe's central banks began to take unified action. World stock markets rebounded strongly after last week's historic sell-off, responding to the efforts.
Update: Eurozone leaders hold emergency summit on financial crisis PARIS, Oct. 12 (Xinhua) -- Leaders from the eurozone countries met in Paris on Sunday for their first ever summit in an urgent bid to seek a joint response to the spreading financial crisis.
By DION NISSENBAUM By Dion Nissenbaum and Kevin G. Hall McClatchy News Service PARIS European leaders took unprecedented steps late Sunday to try to halt a galloping financial crisis in its tracks, announcing aggressive action to take big stakes in banks and guarantee lending between banks.
By Ross Lydall A RESCUE package being agreed between European leaders will help restore confidence to the global banking system, Gordon Brown vowed last night.
By MARTIN CRUTSINGER and WASHINGTON - News that the Bush administration is considering taking ownership stakes in a number of U.S. banks helped restore a relative calm over global financial markets today.
By Eric Pfanner and Julia Werdigier Julia Werdigier reported from London. * The government of Iceland has taken extraordinary measures to stave off "national bankruptcy," as the credit crisis tightened its grip on this remote island nation in the North Atlantic.
By Jeannine Aversa WASHINGTON - Wall Street bounced higher and lower Wednesday trying to make up its mind about an unprecedented coordinated interest rate cut by central banks around the world. In the end it settled on a familiar feeling - fear - and plunged again.
By Eric Pfanner and Julia Werdigier The government of Iceland on Tuesday took extraordinary measures to try to save a financial system battered by the global credit crunch, saying it had sought an emergency loan from Russia to stave off the threat of "national bankruptcy." As the credit crunch tightened its grip on this remote island country in the North Atlantic, where a debt-fueled boom has turned to bust, the government took control of a second major bank and pegged the krona to a basket...
By Michael Savage For years, Iceland had enjoyed an economic climate more favourable than its weather. But the country was leaving itself bitterly exposed, reports Michael Savage in Reykjavik THE DAYS grow ever darker in Reykjavik.
If the $700 billion mortgage bailout plan in the U.S. was supposed to calm global investors, someone forgot to tell Europe. Stock indexes from Paris to Frankfurt plunged as much as 9% on Oct. 6 over worries of a spreading crisis among European banks.
- To give a box on the ear to.