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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
Thursday, Apr 10
19:00 Fed's Logan speech 2
19:30 Fed's Bowman speech 2
19:30 Fed's Schmid speech 2
20:00 EIA Natural Gas Storage Change 1 57B 60B 29B
21:00 4-Week Bill Auction 1 4.245% 4.240%
21:30 Fed's Goolsbee speech 2
21:30 USDA WASDE Report 1
22:00 Fed's Harker speech 2
22:30 30-Year Bond Auction 1 4.623%
23:30 Monthly Budget Statement 2 $-236.6B $-307.0B
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