21Sep Paulson Says Several Countries May Adopt Bank Rescue Plans
Treasury Secretary Henry Paulson said he’s confident several countries will take steps comparable to the $700 billion plan he proposed to buy bad mortgage-related securities to address the global financial crisis.
“We are talking very aggressively with other countries around the world and encouraging them to do similar things, and I believe a number of them will,” Paulson said on ABC News‘ “This Week” program.
Paulson yesterday asked Congress for unfettered authority to buy devalued mortgage-related securities from investment firms in an effort to keep the financial system from coming to a standstill. The proposal would prevent courts from reviewing the Treasury’s actions while raising the nation’s debt ceiling.
German Finance Ministry spokesman Stefan Olbermann said members of the Group of Seven industrial nations are in “ongoing talks about the situation on financial markets worldwide.” Finance ministers from the G-7 countries meet in Washington on Oct. 10.
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