US debt rescue plan takes shape

US debt rescue plan takes shape

September 20th, 2008 admin Posted in Business No Comments »

Details are emerging of an emergency plan by the US government to tackle one of the worst crises to hit the world’s financial markets in decades.

The US Treasury is proposing a fund worth up to $800bn (£440bn) to buy back a large proportion of the bad debt in the US mortgage market, reports say.

President George W Bush hailed the move as "unprecedented action" in the face of "unprecedented challenges".

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