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Finweek English Edition - - Front Page -

WHAT HAP­PENED THE WORLD’S fi­nan­cial cri­sis has bal­looned. The week’s in­trigue in­cluded ini­tial re­jec­tion of the US ad­min­is­tra­tion’s US$700bn bailout of its fi­nan­cial in­sti­tu­tions, ap­proval of a $17bn aid pack­age by Ja­pan to stim­u­late its econ­omy, the clos­ing of its un­set­tled mar­kets by Rus­sia and Cit­i­group’s takeover of Wa­chovia, the US’s fourth-largest bank. DAILY DIS­PATCH said the sta­bil­ity of the en­tire global econ­omy de­pended on the ex­tent to which the US de­fuses its fi­nan­cial cri­sis. Beeld said that SA would feel the con­se­quences, as al­ready man­i­fested in the down­turn on the JSE. Busi­ness Day said it was a rocky road and warned that the world would have to ex­er­cise great in­ge­nu­ity in join­ing forces to re­store con­fi­dence. Die Burger said SA still had a lot to be grate­ful for.

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