US bid to stablise markets

Last Modified: 11 Oct 2008 Source: PA News The US government will buy stock in troubled financial institutions in a bid to stabilise the global markets, US Treasury Secretary Hank Paulson said. International finance ministers, including chancellor Alistair Darling, finalised "an aggressive action plan to address the turmoil in the global financial markets" during their meeting in Washington, Mr Paulson said. The move came ahead of crisis talks between President George Bush and the G7 ministers - from the US, the UK, France, Germany, Italy, Japan, and Canada - at the White House. Earlier, a UK government delegation arrived in Reykjavik for talks to try to settle the dispute over the Icelandic government's refusal to guarantee deposits of British savers in the country's failed banks. Some £1 billion of local authorities' cash... [read full story]