The White House has defended its decision to shore up troubled insurance company AIG, saying it prevented broader harm to the economy.
Earlier the United States Federal Reserve announced an 85-billion-dollar bail out for AIG. The deal gives the US government an almost 80 percent stake in the company. President George W. Bush backed the decision in the interest of "promoting stability in financial markets". A US Federal Reserve injects $50 billion into money markets ...
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Australia lowers interest rates ...
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Warnings against attacking Iran ... White House spokeman said there was, however, concern that other companies could get caught up in the economic turmoil. On Monday investment bank Lehman Brothers filed for bankruptcy, triggering huge losses on stock exchanges around the world.
(Deutsche Welle)
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