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...meetings over the weekend, the British Treasury said Monday that it plans to spend as much as $63 billion bolstering the capital bases of three of the country's largest banks, partially nationalizing once mighty lenders in the process. "Today's plan is unprecedented," British Prime Minister Gordon Brown said at a Downing Street press conference, "but essential...
...effort to revive Britain's flagging banking sector has reversed the government's fortunes. Prime Minister Brown's broadly popular plan - which includes extra liquidity for banks and government guarantees for their debt - has inspired similar rescue packages across Europe. Still, one model won't fit all. "Some countries consider they don't have an insolvency problem, and are focusing more on providing guarantees to improve liquidity in the markets," says Antonio Ramirez, banking analyst at Keefe, Bruyette & Woods in London. (On Monday, for instance, Spain said it would guarantee new bank debt until...
...trip took me several times across the wide, brown Missouri River, and it occurred to me that these issues of skin color and tribe have haunted these parts at least since Lewis and Clark paddled the liquid highway westward. But as I listened to voters, what became clear was that the Obama campaign is not the simple racial referendum some commentators have pictured. I heard several reasons why voters might be reluctant to support the guy, but race was rarely cited...
...Downing Street spokesman explains), Iceland's Prime Minister Geir Haarde protested. "Not many governments would have taken that very kindly," he said. His counterpart in London appears unabashed. "We will take further action against the Icelandic authorities wherever that is necessary to recover the money," said Prime Minister Gordon Brown...
...called Cod Wars over fishing rights in the North Atlantic led to hostile engagements between British and Icelandic fishing fleets and naval vessels, with nets being cut and boats being rammed, ending in the 1970s with an agreement that many British fishermen still blame for limiting their catches. If Brown fails to retrieve British cash from Iceland, a wider swath of the population - all British taxpayers, in fact - will feel the effects this time around. His chancellor, Alistair Darling, promised U.K.-based private investors on Wednesday that the government would cover their full potential losses after IceSave, an Internet subsidiary...