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Monday, October 6, 2008

European Crisis Deepens; Officials Vow to Save Banks

The global credit crunch deepened in Europe as government leaders pledged to bail out troubled banks and protect depositors.BNP Paribas SA will take control of Fortis's units in Belgium and Luxembourg after government efforts to ensure the company's stability failed, while Germany's government and financial institutions agreed on a 50 billion euro ($68 billion) rescue package for Hypo Real Estate Holding AG. U.K. Chancellor of the Exchequer Alistair Darling said Britain is ``ready to do whatever it takes'' to help its banks.

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Economic Event Calendar

GMT+5:30 Event Vol. Actual Consensus Previous
Monday, Jun 30
14:00 Consumer Credit 1 £0.859B £1.100B £1.944B Revised from £1.580B
14:00 Net Lending to Individuals (MoM) 1 £2.91B £4.10B £1.17B Revised from £0.82B
19:15 Chicago PMI 2 40.4 43.0 40.5
19:30 Fed's Bostic speech 2
20:00 Dallas Fed Manufacturing Business Index 1 -12.7 -15.3
21:00 3-Month Bill Auction 1 4.195%
21:00 6-Month Bill Auction 1 4.12%
21:30 Grain Stock Report 1
22:30 Fed's Goolsbee speech 2
Tuesday, Jul 01
03:30 NZIER Business Confidence (QoQ) 2 19%
Economic Calendar >> Add to your site

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