How the world deals with the crisis
China has planed to tackle the global financial crisis through 4-trillion-yuan economic stimulus package. Here are other countries’ methods to deal with the crisis:
United States: The global crisis was brought about by the housing market collapse of this country which has earmarked $700 billion for bank funding. It is expected that Barack Obama would spend hundreds of billions of dollars more in a fiscal stimulus package once he assumes office next year.
United Kingdom: The country has carried out a 500-billion-pound rescue plan to help the banking sector. The government will make extra capital available to eight of the country’s largest banks and building societies in exchange to let them enjoy priority in shares or equity.
Germany: Has decided to allocate 500 billion euros to be liquidity or lending guarantees and 80 billion euros as state funds for bank recapitalization. The government has announced an unlimited guarantee on all retail deposits in the country’s banks.
France: Has carried out a plan to keep its financial sector stable. The liquidity and lending guarantees in this plan are up to 320 billion euros and bank recapitalization up to 40 billion euros.
Japan: Has commenced urgent steps which include to inject public funds into regional banks and to stabilize its financial market. The government is mulling measures to temporarily suspend sales of stocks held by government entities and reduce the restrictions on corporation’s purchasing of their own shares, as well as an expansion of disclosure rules on short-selling.
South Korea: Has taken a $130-billion rescue package, including sate guarantee on foreign debts and promises to recapitalize financial firms.
Australia: An urgent A$10.4-billion stimulus package has been announced to deliver cash payments to pensioners and low- and middle-income people and to offer A$1.5 billion to help people when they buy their first homes.
India: The country’s plan is taking the steps as follows: to restore the duty drawback to 11 percent; requisition to fix interest rate at 6 percent for packing credit; the repayment‘s interest of term loan can be delayed by two years; compensation to state levies and transaction cost and duty free procurement of diesel.
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