Right to take action now to safeguard banks
Published Date:
07 October 2008
DESPERATE times call for desperate measures. Any doubts that these are desperate times were dispelled yesterday amid some of the worst falls recorded in stock markets. In the United States, any hope the administration's $700 billion plan to buy troubled assets from a stricken banking system would bring immediate relief was swept aside as the Dow Jones Industrial Average plunged by almost 5 per cent. Bank and financial shares were again the heaviest casualties.
But it was Europe where the carnage was greater. Shares fell 7.8 per cent for their sharpest one-day fall on record. This rout is a direct result of the confusion created by Europe's political leaders. They appeared to have reached agreement on ...
The full article contains 479 words and appears in The Scotsman newspaper.
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Last Updated:
07 October 2008 9:09 AM
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Source:
The Scotsman
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Location:
Edinburgh
