A Historic Deal of $1trillion Unveiled
Thursday, April 2, 2009 15:45
A historic deal of $1trillion was agreed today to boost the global economy, after a tense day of negotiations at the G20 summit. The huge package, which is signed off by world leaders after the key meeting in London, will be used to boost growth and prop up struggling global economies.
The rescue money will come in three separate packages.
The first are new lines of credt which is worth more than $100 billion. It will encourage countries to trade more. The second is a possible tripling to $750 billion in the IMF resources in order to rescue struggling economies. And the extra money will come from Japan, the EU, China and others. The third is a one-off allocation of “special drawing rights” to enable countries to swap their own currencies for IMF backed resources.The effect is to give those countries more confidence to deplete their reserves and expand.
The era of banking secrecy is over.
Related posts:
- China Use RMB for IMF Bond Deal $50bn
China is to use the International Monetary Fund (IMF) 500... - Black Rock Deal for BGI
U.S. asset management company BlackRock (BLK.N), use their expertise to... - Pru Hopeful of Price Cut to Save AIA Deal
Prudential’s embattled chief executive–Tidjane Thiam, spent the weekend criss-crossing the... - Banks Line up for Pru Deal
The banks supporting the Prudential’s $35.5bn bid for AIG’s Asian... - Volvo Sold for £1.2bn in China Deal
With the purchase of the Volve brand, the world’s leading...
