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Economy - International

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Slate.com

The New York Times leads with, and the Wall Street Journal fronts, a look at how European governments are taking steps to prevent major banks from going under while trying to prevent panic from spreading by boosting insurance levels on private accoun

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reuters.com

Asian stock markets plunged Monday as investors took scant comfort from Washington's passage of a $700 billion bank bailout and focused instead on deepening financial turmoil in Europe that threatens to slow global growth.

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NY Times

European nations scrambled on Sunday night to prevent a growing credit crisis from bringing down major banks and alarming savers as troubles in financial markets spread around the world, accelerating economic downturns on three continents.

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Reuters

The cost of borrowing overnight dollars on global money markets soared on Tuesday despite central banks pumping billions into the banking system to prevent it seizing up further after U.S. lawmakers' rejection of a $700 billion financial rescue b

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Reuters

As investors around the world hung on every twist and turn in Washington, Belgian-Dutch group Fortis was nationalized and British mortgage lender Bradford & Bingley faced the same fate. [You didn't think the robbery was only in America, did you?]

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Bloomberg.com

Japan, China and other holders of U.S. government debt must quickly reach an agreement to prevent panic sales leading to a global financial collapse, said Yu Yongding, a former adviser to the Chinese central bank.

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news.BBC.co.uk

The rumours started earlier this week and customers descended on branches on Wednesday, despite bank staff handing out leaflets to the crowds denying that the bank was in financial difficulty.

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NY Times

Foreign banks, which were initially excluded from the plan, lobbied successfully over the weekend to be able to sell the toxic American mortgage debt owned by their American units to the Treasury, getting the same treatment as United States banks.

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DTCC has a monopoly on what they do. They process the vast majority of all stock transactions in the United States as well as for many other countries. And the real interesting part - 99% of all stocks in the U.S. appear to be legally owned by them.

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www.spiegel.de

Panic is the word of the hour on Wall Street. Now even Morgan Stanley is fighting for survival. The commercial bank Wachovia and China's Bank Citic are being discussed as possible rescuers. The crisis has led President Bush to cancel a trip.

thelibertyadvisor.com/declare