Washington - US President George W Bush announced Tuesday plans for the government to pump 250 billion dollars in the American banking sector, following similar action announced by several European governments the day before.
The goal is to revive the financial sector and to return the economy back on the road to growth, Bush said in a brief televised statement in Washington.
The purchase of shares and stakes in banking institutes would be "short-term measure" towards stabilizing the markets, Bush said. The banks can then later repurchase their stakes from the state.