Washington - US growth will remain weak for "several" quarters as the world's largest economy works through a financial and housing crisis that has sharply reduced spending, Federal Reserve Chairman Ben Bernanke warned Monday.
Amid fears that the US has already dipped into a recession, Bernanke told a congressional hearing that a second fiscal stimulus package could help kick-start the economy.
Vienna - As Austria's parliament passed bail-out measures for banks Monday, some of the country's financials institutions said they would make use of the government's capital injections and guarantees for inter-bank credits.
All five parties in parliament unanimously approved the package worth 100 billion euros (134 billion dollars).
As the global financial crisis has led to a lack of trust between banks, the parliament also set aside 75 billion euros as government guarantees for inter-bank lending.
Washington - US growth will remain weak for "several" quarters as the world's largest economy works through a financial and housing crisis that has sharply reduced spending, Federal Reserve Chairman Ben Bernanke warned Monday.
Amid fears that the US has already dipped into a recession, Bernanke told a congressional hearing that a second fiscal stimulus package could help kick-start the economy.
Reykjavik/Stockholm - Iceland was reported Monday to be inching closer to secure support for a rescue package from the International Monetary Fund (IMF) and several central banks.
The online edition of the Financial Times reported that the plan was worth 6 billion dollars, and that the IMF was to provide some 1 billion dollars.
Other central banks in the Nordic region as well as the central bank of Japan were also part of the overall deal, the report said.
Kiev - Ukrainian President Viktor Yushchenko on Monday called for unprecedented cuts in government spending amidst a desperate quest for more credit as the government battles with a looming national budgetary crisis.
Government staffing cuts of 20 per cent, formation of a national emergency financing fund, and an all-out effort to secure loans from the International Monetary Fund (IMF) topped a list of proposals offered by Yushchenko and his staff at an emergency meeting of the country's National Security Council.
Washington - US growth will remain weak for "several" quarters as the world's largest economy works through a financial and housing crisis that has sharply reduced spending, Federal Reserve Chairman Ben Bernanke warned Monday.
Vienna - As Austria's parliament passed bail-out measures for banks Monday, some of the country's financials institutions said they would make use of the government's capital injections and guarantees for inter-bank credits.
Washington - US growth will remain weak for "several" quarters as the world's largest economy works through a financial and housing crisis that has sharply reduced spending, Federal Reserve Chairman Ben Bernanke warned Monday.
Reykjavik/Stockholm - Iceland was reported Monday to be inching closer to secure support for a rescue package from the International Monetary Fund (IMF) and several central banks.
Kiev - Ukrainian President Viktor Yushchenko on Monday called for unprecedented cuts in government spending amidst a desperate quest for more credit as the government battles with a looming national budgetary crisis.
