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  FINANCIAL CRISIS

  Bretton Woods, the sequel

  French President Nicolas Sarkozy, US President George Bush, and the EU have talked about a do-over of the Bretton Woods Agreement of 1944. FRANCE 24 answers the most frequently asked questions as to what this means.
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  FINANCIAL CRISIS

  Madrid refuses to be excluded from Nov. 15 summit

  Spain's Prime Minister Jose Luis Zapatero wants his country to take part in all upcoming international summits on the financial crisis, placing it on an equal economic footing with the G8 countries.
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  FINANCIAL CRISIS

  Bush to host global financial summit on Nov. 15

  The White House has announced that a summit on the global financial crisis will be held on November 15 near Washington. It will gather leaders of the G20 countries.
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  UNITED STATES

  Financial crisis shatters Americans' retirement dreams

  The financial crisis has hit American retirees particularly hard. In the past, employer guaranteed pensions used to be the norm, but today, many Americans depend on their stock portfolio for their retirement.
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  MARKETS

  Recession fears tumble stocks in Europe and Asia

  The Nikkei share index closed 6.8 percent down while a steep fall in the South Korean KOSPI led to a brief suspension of trading. European markets posted losses at midday amid sharp drops in the value of the euro and British pound.
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  FINANCIAL CRISIS

  French government in 10.5 billion euro bank bailout

  The French government has agreed to pump 10.5 billion euros into the country's six largest banks in exchange for guarantees on lending to households and firms, Finance Minister Christine Lagarde said on Monday.
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  FINANCIAL CRISIS

  Bernanke backs plan to stimulate US economy

  Ben Bernanke, the chairman of the US Federal Reserve, endorsed plans of a second stimulus of the US economy on Monday, with more money for healthcare and infrastructure, but still warned of a "protracted slowdown".
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  BANKING - FRANCE

  Caisse d'Epargne bosses resign after record trading loss

  Finance Minister Christine Lagarde has expressed her 'satisfaction' at the resignation without compensation of the chairman and director general of French bank Caisse d'Epargne following the loss of 600 million euros in a trading "incident".
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  FINANCIAL CRISIS

  Dutch state to pump €10bn into troubled ING

  The cash-strapped Dutch bank ING has succeeded in negotiating a 10-billion euro injection from the government. ING on Friday announced an expected 500-billion euro quarterly loss due to the financial crisis.
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  BANKING

  Crisis meeting called at Caisse d'Epargne

  Caisse d'Epargne is set to hold an emergency meeting Sunday to decide the fate of its management, according to sources. The meeting follows Friday's revelation that the French bank lost 600 million euros in a trading "incident".
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  FINANCIAL CRISIS

  US, Europe agree on series of financial summits

  US President George W. Bush, his French counterpart, Nicolas Sarkozy, whose government holds the EU presidency, and European Commission President Jose Manuel Barroso will call together other world leaders to address the financial crisis.
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  FINANCIAL CRISIS

  1929/2008: similar causes, similar consequences?

  Will we experience the same recession as our forefathers did in the 1930’s? If the financial crisis of 1929 bears an eerie resemblance to that of 2008, the political reactions that followed seem different… At least for now.
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  THE TALK OF PARIS

  Hans-Gert Pöttering, president of the European Parliament

  Germany's Hans-Gert Pöttering has been at the head of the European Parliament since January 2007. He explains why European states should pull together to find a common solution to the financial crisis. (Part 1)
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  FINANCIAL CRISIS

  Paulson warns of more bankruptcies in the US

  Treasury Secretary Henry Paulson warned that more financial companies would go bankrupt in the US despite Congress' decision to pump 700 billion dollars into money markets last week.
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  FINANCIAL CRISIS

  Iceland sinks further into crisis

  After taking over two more of the country's biggest banks, the Icelandic government announced that negotiations with Russia over a four-billion euro loan would start Tuesday in Moscow.
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  FINANCIAL CRISIS

  Bush to host global financial summit on Nov. 15

  The White House has announced that a summit on the global financial crisis will be held on November 15 near Washington. It will gather leaders of the G20 countries.
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  OECD

  France, Germany push for tax haven blacklist

  Seventeen member nations of the Organisation for Economic Cooperation and Development (OECD), barring Switzerland and Luxembourg, met in Paris to debate curtailing the use of offshore jurisdictions to evade taxes.
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  FINANCIAL CRISIS

  Central banks cut rates to stem financial crisis

  The US Federal Reserve lowered a key US interest rate by half a point to 1.5% on Wednesday, joining a coordinated world effort to spur economic growth and stem carnage on financial markets.
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  FINANCIAL CRISIS

  Britain unveils bailout for banks

  The British government announced Wednesday a bank-rescue plan including a 50-billion-pound partial privatisation of banks and a 200-billion-pound credit line. Despite the move, London's FTSE 100 index fell 1.64% at the start of trading.
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  FINANCIAL CRISIS

  Spain raises savings guarantee to 100,000 euros

  As European governments look to raise bank deposit guarantees, Spain has announced it will increase its own to 100,000 euros per individual and set up a 30-billion-euro fund for banks to raise money by selling assets.
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  FINANCIAL CRISIS

  Wall Street fall to new lows, world markets tumble

  Wall Street followed world markets by the close of business to sink to record lows, despite concerted action by governments and central banks to ease the strain on the financial sector.
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  FINANCIAL CRISIS

  EU steps up support for embattled banks

  European finance ministers have agreed to coordinate their response to the financial crisis, French Finance Minister Christine Lagarde said. The ECB made €37 billion available to banks on Tuesday but they requested double that amount.
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  BANKING

  France's BNP Paribas confirms Fortis deal

  BNP Paribas confirmed it had taken control of the Belgium and Luxembourg operations of troubled finance group Fortis, making the Belgian government the largest shareholder in the French bank.
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  BANKING CRISIS

  German banks agree to €50bn rescue plan for Hypo bank

  The German government, the central bank and private banks have agreed on a 50-billion-euro rescue plan for troubled bank Hypo Real Estate, the finance ministry said.
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  FINANCIAL CRISIS

  European leaders meet in Paris to curtail financial damage

  French President Nicolas Sarkozy has invited his German, British and Italian counterparts as well as European Central Bank chief Jean-Paul Trichet for an emergency mini-summit to limit the damage caused by the economic crisis.
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  FINANCIAL CRISIS

  UBS to axe another 2,000 investment banking jobs

  Swiss bank UBS announced it would cut 2,000 more jobs and close down its commodities dealing operation as part of a major investment banking reorganisation. On Thursday, UBS said it would make a small profit in the third quarter.
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  FRANCE - BANKING

  Government orders ex-Dexia CEO to renounce golden parachute

  French Finance Minister Christine Lagarde asked Axel Miller, the former CEO of troubled Dexia bank, to give up his €3.7 billion severance package as a condition to the government bailout of the Franco-Belgian financial institution.
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  ECONOMY

  France entering recession, says state statistics body

  France's state statistics agency INSEE forecasts that the GDP will drop by 0.1% in the third and fourth quarter, after dipping 0.3% in the second quarter, a downward trend that the budget minister reluctantly called a "technical recession".
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  FINANCIAL CRISIS

  Nikkei suffers second worst drop in history

  Asian markets plummeted as optimism over the stabilisation of money markets faded. By the end of trading, Japan's Nikkei index had shed 11.41 percent - its second lowest plunge in history - and Seoul was down 8.07 percent.
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  ANALYSIS

  Commodities' return to Earth

  While we've been distracted by bank failures and bailouts, oil prices have been tumbling back to earth from recent record peaks. Easing demand in a slowing world economy is weighing on other commodities as well.
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  FINANCIAL CRISIS

  US Senate approves $700 billion bailout plan

  The US Senate passed a modified version of a $700 billion economic rescue plan by a vote of 74-25 days after the original bill was rejected by the House of Representatives, sending shock waves through global markets.
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  FINANCIAL CRISIS

  How to spend $700 billion

  The proposed US bailout could buy 2,000 apple pies for every American. FRANCE 24 asked two economists how they would spend the money. (Photo courtesy of McDonald's).
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  FINANCIAL CRISIS

  UK govt confirms Bradford & Bingley's nationalisation

  The British government confirmed the nationalisation of troubled lender Bradford & Bingley, hours after Spain's Santander announced it would buy out the bank's savings business. B&B is the second British bank to be nationalised this year.
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  FINANCIAL CRISIS

  Bush calls on Congress to 'act', US stocks rally

  US President George Bush said the rejection of a $700 billion bailout bill by the House of Representatives was "not the end of the legislative process". Moments later, US stocks rebounded following Monday’s record plunge.
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  FINANCIAL CRISIS

  French banks feel the heat

  Although France does not host large, specialised investment banks such as the ones going bankrupt in the US, Paris has announced "new measures" to deal with the ongoing financial turmoil - starting with a rescue package for Dexia.
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  FINANCIAL CRISIS

  Ireland steps in to protect banks

  Following a record slump Monday, the Irish government offered a two-year guarantee on all deposits. The move came as Irish Prime Minister Brian Cowen is set to meet with French President Nicolas Sarkozy in Paris Wednesday.
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  FINANCIAL CRISIS

  European markets close higher on US bailout hopes

  After a day of mixed trading, European stocks rebounded amid hopes that US lawmakers would eventually pass a billion-dollar rescue package to shore up financial markets.
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  US BAILOUT PLAN

  Dow Jones sees biggest one-day drop as House rejects bailout plan

  US markets were in turmoil and the Dow Jones closed with a historic single-day drop of nearly 800 points as the House of Representatives voted 228 to 205 against the bill to deliver an unprecedented $700 billion bailout package.
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  FINANCIAL CRISIS

  Key points of the US bailout plan

  The bailout plan proposed by US Treasury Secretary Henry Paulson includes a 700 billion-dollar rescue package designed in the wake of high-profile bank failures. Here are the key elements of the deal.
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  ECONOMY

  French PM calls for 'national unity' to face crisis

  French Prime Minister Francois Fillon called for "national unity" to face the current financial and economic meltdown, saying this type of crisis only occurs "once or twice in a century".
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  BANKING

  Crisis-hit HSBC to axe 1,100 jobs

  The leading European bank, HSBC announced a plan to cut 1,100 jobs, half of them in the United Kingdom, as a consequence of the financial crisis. The losses will affect the global banking and market division.
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  USA - VOTE 2008

  McCain suspends White House campaign to tackle financial crisis

  Republican presidential hopeful John McCain said he was suspending his White House campaign in order to focus on tackling the financial crisis. The Arizona senator asked for Friday's presidential debate with rival Barack Obama to be put off.
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  UN GENERAL ASSEMBLY

  Clash of agendas: financial crisis and poverty reduction

  The agendas of the rich world, fighting the financial crisis, and of the developing world, fighting poverty, will vie for the attention of the representatives of the 180 UN member countries at their yearly meeting in New York.