RealNews

Asia urges action on US bailout as shares plunge

Asia was shaken Tuesday by the collapse of the U.S. financial bailout effort, with the region’s political leaders expressing hopes for a quick solution and Japan’s central bank injecting more cash into money markets to promote liquidity and lending. “This is a bad development,” Australian Prime Minister Kevin Rudd said of the U.S. House of Representatives’ rejection Monday of a $700 billion plan to rescue ailing financial companies burdened with piles of bad mortgage-related debts. “The outcome has caused a major impact not only the U.S. economy but also the world economy,” said Japan’s Economy and Fiscal Policy Minister Kaoru Yosano, urging Washington to renegotiate a workable package. Full Story

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