World Economy

Main points of multi-trillion-dollar US boost

Main points of multi-trillion-dollar US boost Washington  - The most important points of the US plan announced Tuesday to inject up to 2 trillion dollars into the US finance and banking system:

- Government and private investors are to provide 500 billion dollars for a start fund which could grow to 1 trillion dollars, to absorb bad mortgage assets. This so-called "bad bank" would serve to relieve the banks of the liabilities so that they can begin lending money again.

ROUNDUP: US stimulus package passes Senate

ROUNDUP: US stimulus package passes SenateWashington  - The United States' economic recovery package cleared the Senate on Tuesday, on a 61-37 vote in favour of the
838- billion-dollar bill that would be the largest in US history.

The passage came as Treasury Secretary Timothy Geithner announced a separate plan that would spend up to 2 trillion dollars to stabilize the financial sector.

Just three Republicans, who had helped to hammer out the compromise bill, voted in favour of the legislation.

ROUNDUP: US charts multi-trillion-dollar boost for finance system

Barack Obama And Timothy GeithnerWashington  - The Obama administration Tuesday launched an all-out effort to stabilize the financial sector with a plan to inject up to 2 trillion dollars into the system through new government guarantees, lending and harnessing private capital.

The moves are designed to keep banks afloat, restore credit availability to US consumers and help homeowners and small businesses, Treasury Secretary Timothy Geithner said in Washington as he announced the multi-pronged approach aimed at pulling the US out of its worst financial crisis since the Great Depression.

US stimulus package passes Senate

US stimulus package passes SenateWashington  - The United Sta

Mexican government rejects "alarmist" outlook from Carlos Slim

Mexican Labour Minister Javier LozanoMexico City - Mexican Labour Minister Javier Lozano rejected Tuesday the "alarmist" outlook of Mexican telecommunications tycoon Carlos Slim, who has warned of impending economic doom for the country.

"It frankly alarmed me to see the way that he goes about his outlook," the fuming minister said in an interview with Mexican television channel Televisa.

Lozano and Slim both atteended the same "Mexico before the crisis" forum on Monday that was sponsored by Mexican legislators.

The US finance bail-out to date

The US finance bail-out to date Washington  - As the Obama administration prepared to unveil the next boost for the US financial system on Tuesday, the government has already spent about 300 billion dollars under past president George W Bush's Troubled Asset Relief Programme (TARP).

The second half of the 700-billion-dollar TARP plan is at the disposal of President Barack Obama, and was to be included in Tuesday's announcement by Treasury Secretary Tim Geithner.

To date, the following money has been spent on stabilizing the finance system and loosening credit:

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