German Minister: A New Financial Crisis Poses a Threat to the World Economy
The world economy is facing the risk of a new financial crisis, warned German Finance Minister Wolfgang Schauble, quoted by the electronic edition Politico.
US Announces New USD 1,5 T Bail-out Plan
Business | February 10, 2009, Tuesday // 00:00
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The new US Treasury Secretary Timothy Geithner unveiled Tuesday a comprehensive USD 1,5 T bank bail-out plan. Photo by BGNES
The US Cabinet promised Tuesday to undertake decisive measures to fight the financial crisis and unveiled a comprehensive USD 1,5 T bank bail-out plan, BBC reported.
The new US Treasury Secretary Timothy Geithner announced that the new plan would allow the US government to successfully deal with the crisis by unfreezing the credit market to boost a renewed granting of loans to businesses and private individuals.
Under the plan, the size of a key Federal Reserve lending program will be expanded to USD 1 T from USD 200 B to allow granting of loans not only to consumers and small business, but to the troubled real estate sector.
In addition, the establishment of a public-private investment fund of USD 500 B to absorb banks' "toxic" assets was also announced Tuesday.
President Obama said Monday that Geithner's plan would be a template for "restoring market confidence," adding it was too early to say whether the USD 700 B bank bail-out plan, officially called the Troubled Asset Relief Program (TARP), will need more funds. Tarp was passed by President Bush in October of 2008.
Meanwhile, President Obama's wider economic stimulus plan passed a crucial stage in the Senate Tuesday, the Bulgarian information agency BGNES reports.
The Senate has voted with 61 for and 36 against to discontinue the debates and vote on the plan. This is expected to cost an additional USD 800 B.
At the end of January, the House of Representatives approved its version of the package, worth USD 825 B, without any Republican support. The two different versions of the bill will have to be reconciled in a joint House-Senate committee before facing a final vote.
The majority of the 41 Republican senators continue to disapprove the plan. Republicans insist on more tax relief and less spending. They also complain that some projects would do little to stimulate the economy or create jobs. Democrats say the spending Republicans are calling wasteful amounts to a tiny percentage of the overall package.
The new US Treasury Secretary Timothy Geithner announced that the new plan would allow the US government to successfully deal with the crisis by unfreezing the credit market to boost a renewed granting of loans to businesses and private individuals.
Under the plan, the size of a key Federal Reserve lending program will be expanded to USD 1 T from USD 200 B to allow granting of loans not only to consumers and small business, but to the troubled real estate sector.
In addition, the establishment of a public-private investment fund of USD 500 B to absorb banks' "toxic" assets was also announced Tuesday.
President Obama said Monday that Geithner's plan would be a template for "restoring market confidence," adding it was too early to say whether the USD 700 B bank bail-out plan, officially called the Troubled Asset Relief Program (TARP), will need more funds. Tarp was passed by President Bush in October of 2008.
Meanwhile, President Obama's wider economic stimulus plan passed a crucial stage in the Senate Tuesday, the Bulgarian information agency BGNES reports.
The Senate has voted with 61 for and 36 against to discontinue the debates and vote on the plan. This is expected to cost an additional USD 800 B.
At the end of January, the House of Representatives approved its version of the package, worth USD 825 B, without any Republican support. The two different versions of the bill will have to be reconciled in a joint House-Senate committee before facing a final vote.
The majority of the 41 Republican senators continue to disapprove the plan. Republicans insist on more tax relief and less spending. They also complain that some projects would do little to stimulate the economy or create jobs. Democrats say the spending Republicans are calling wasteful amounts to a tiny percentage of the overall package.
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