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...revealing an additional $63 billion aid package to Britain's top three banks Monday, Prime Minister Gordon Brown similarly tabled a document detailing the plan, which noted beneficiaries must maintain "over the next three years, the availability and active marketing of competitively priced lending to homeowners and to small businesses at 2007 levels". Such vivid expectation isn't limited to France and Britain. In virtually all countries whose financial systems are being bailed out by the state, governments are beginning to apply pressure for credit to finally being circulating again...
...Everyone has his day, and some days last longer than others." Winston Churchill's aphorism resonates for his 21st century successor, Gordon Brown. Just weeks ago the British Prime Minister looked fist-clenchingly impotent as insurrection bubbled in Labour's ranks and his Conservative opponents thumbed their noses from the safe distance of a 20-point poll advantage. Then came convulsions in the global economy. The scramble to avert meltdown drove Labour rebels into retreat, halved the Tory lead and granted Brown more than just a reprieve from domestic woes. As Congress bickered over the U.S. bailout and European leaders...
...sound made by Treasury officials tearing up their 2009 budgets. With the economy slowing, tax receipts are lower than expected, and in Britain, France and elsewhere government spending is higher than forecast. Now comes the bank bailout, and with it, a huge increase in government borrowing. British Prime Minister Gordon Brown has been the first to detail his national package, and it's making fiscal hawks shudder. It involves injecting up to $65 billion into three British banks - Royal Bank of Scotland, HBOS and Lloyds TSB - in exchange for equity stakes...
Minister of Health Gudlaugur Thór Thórdarson agrees that Iceland has sustained a blow to its psyche - "especially when Gordon Brown uses antiterrorism laws against Iceland," he says, referring to the British Prime Minister's move to invoke an antiterrorism law to freeze Icelandic companies' assets in the U.K. "The people here not only suffer financially - it also makes us feel bad." Indeed, says psychologist Ólafsson, "Icelanders have always seen themselves as an independent people, and now we simply can't be as self-sufficient...
...Since Medvedev and his calculating predecessor-turned-Prime Minister Vladimir Putin intervened in Georgia in August, relations between Moscow and the United States and European Union have been frosty. Though many hawks argue the Western powers were not forceful enough, Russia has paid for its bellicosity with capital flight. According to Finance Minister Alexei Kudrin, the country has lost between $10 and $15 billion of foreign direct investment and its stock market is down close to 50 percent this year. Despite the global financial crisis affecting all markets, a considerable part of such downturns for energy-rich Russia...