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World leaders grapple with financial crisis
South Korean and Australian leaders hold emergency meetings over the global financial crisis.
- Agencies
- Published: 11:01 October 17, 2008
- After governments pledged $3.2 trillion to stabilise the financial sector, money markets have shown tentative signs of healing.
- Image Credit: Gulf News Archive
Hong Kong: World leaders on Friday scrambled for ways to bolster their economies as South Korean and Australian leaders held emergency meetings over the global financial crisis.
Authorities in Seoul met to discuss emergency measures to shore up the country's banks and Australia's Prime Minister held a summit with industry leaders.
EU and French leaders are set to meet US President George W. Bush on Saturday to discuss a global summit to overhaul the world's financial system.
After governments pledged $3.2 trillion to stabilise the financial sector, money markets have shown tentative signs of healing.
Singapore, one of Asia's richest economies, and Malaysia both said they would guarantee all bank deposits until 2010, following similar moves by other governments.
However, signs of trouble in China's manufacturing heartland increased uncertainties about the world's main source of growth on Friday.
Hundreds of workers gathered outside a southern China toy factory that shut down after a Hong Kong toymaker closed as tough times were made worse by the economic weakness.
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