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Hayk
Joined: Dec 20, 2005
Posts: 964 (view all)
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Country: Egypt
Province/State: Al Qahirah
City: Al Qahirah
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EU finance chiefs in crisis talks
October 7, 2008 - 03:56 AM
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The ministers from all 27 member states hope to bolster money markets after a day of panic saw huge share index losses in Germany, France and the UK.
A $700bn (£398bn) US bank bail-out and moves by several EU states to help their banks have not quelled fears.
Asian markets were volatile on Tuesday as investors worried global government action may not resolve the crisis.
Japan's Nikkei index plunged more than 5% - shattering the psychological 10,000-point barrier for the first time in nearly five years - before bouncing back.
Australia's financial market suffered before the country's central bank cut its official interest rate by 1%, prompting a rally. It was the largest cut for 16 years by the Reserve Bank of Australia.
Share prices in China, Taiwan and South Korea also saw a turbulent morning's trading.
Earlier on Wall Street, the Dow Jones index fell 8% before regaining some of its losses. President George W Bush said it would take some time for the rescue plan to restore confidence to the financial system.
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http://news.bbc.co.uk/2/hi/business/7656064.stm
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