Word: frozenly
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...Goulletquer applauds governments in the U.S. and Europe for committing to plans to save the world's finance system. Yet one of the main pillars of those rescue packages - guaranteeing loans between banks with the aim of unblocking frozen credit markets that most businesses and households rely on - has not yet provoked the intended reaction. And while it's still fairly early in the bailout game, political and business leaders are already viewing banks with growing impatience ast credit taps remaining shut...
...During an Oct. 10 meeting of G-7 finance ministers, European central bankers suggested they would follow Britain's lead by buying stakes in struggling banks and underwriting interbank loans. The U.S. Federal Reserve is also finalizing a plan to recapitalize the nation's bank in order to loosen frozen credit markets...
...seems unlikely that Reid's contretemps will be the last. At least part of the recently passed $700 billion financial rescue plan will be used to inject cash into banks and other financial companies in an effort to unlock frozen capital markets. Which banks get how much remains to be seen. Amid all the uncertainty, one thing at least seems clear: another big company is likely to require federal help in the coming weeks. And that means loose lips in Washington may add to the off-balance-sheet liabilities of the imploding financial industry...
...That show of decisive European unity was all the more important in the wake of Saturday's G7 meeting in Washington, where leaders said government intervention would be taken in all the world's major economies to prevent major banking failures and loosen frozen credit. It all proved enough for markets to take heart again, at least for now. By mid-morning, London's FTSE 100 was up 6%, Paris' CAC 40 rose 6.68%, and Frankfurt's DAX jumped 6.25% - a remarkable turn-around from last week's battering that ended Friday with losses of 7% to nearly 9%. Most...
...Japan, which is believed to already be in a recession, did not reduce its benchmark rate because it already stands at just .5%. But the Japanese government announced that $20 billion would be injected into the country's financial system to help free up frozen credit markets...