Home | News | Special Reports | Media Spin | Audio | Multimedia | Interactive | Surf China
     
US Treasury Secretary Henry Paulson Meets His UK Counterpart
    2008-07-04 10:36:25     CRIENGLISH.com

United States Treasury Secretary Henry Paulson says that the current economic conditions were "not acceptable to the American people".

But he remained optimistic that the long term fundamentals are strong in his country.

Paulson made the remarks after meeting with British Chancellor of the Exchequer Alistair Darling on Thursday.

"I think the steps that our Federal Reserve took in response to Bear Stearns, opening their discount window to the investment banks was a very strong statement about the emphasis that's being placed on the stability and orderliness of our markets."

Banks in both Britain and the United States have suffered the impact of the global credit crunch in recent months and have needed government intervention.

US investment bank Bear Stearns was spared from near collapse in March after the Federal Reserve orchestrated its sale to JPMorgan Chase.

In Britain, mortgage lender Northern Rock was nationalized in February after worries over its future triggered the first run on a British bank since 1866.

Alistair Darling called for international cooperation to handle the situation.

"Whether it's the credit crunch which is now affecting every country in the world or the huge threat posed by very high oil prices and the inflationary effect that can have or rising food prices. These are international problems that will need countries to work together and the United States and the United Kingdom share a common interest and we have a shared commitment."

London was the final leg of Paulson's European tour, which also brought him to Russia and Germany.

Share

               
Recommend


Bridging the Strait.com claims the copyright of all material and information produced originally by our staff. All rights reserved. Reproduction of text for non-commercial purposes only is permitted provided that both the source and author are acknowledged and a notifying email is sent to us.

CRIENGLISH.com holds neither liability nor responsibility for materials attributed to any other source. Such information is provided as reportage and dissemination of information but does not necessarily reflect the opinion of or endorsement by Bridging the Strait.com.

 
Latest News
• China UnionPay Eases Disruptions
• Insurance Payment for Victims Made Easy
• Airlines Raise Fuel Levy due to Oil Costs
• Earthquake Shakes Tourism Industry
• Vice Premier Urges Efforts to Restore Power Supply

Listen Now
News & Reports 2008-07-05
The cross-strait weekend chartered flights between the Chinese mainland and Taiwan start.
• A War to Divide Property 2008-10-27
• Qingdao Endeavors to Tackle Algae Bloom around Olympic Venue
• What You Mostly Want to Say: Writing Topic for Quake-region Students
• More Owners of Idle Cars Emerge in China
• Let's Start from Smoke-free Olympics
• Licenses Necessary for Profit-making Net-shops
• Chinese Police, Ready for Tighten Security for the Olympics

Multimedia
Beijing Opens Second Airport Expressway
Images of Chinese Migrant Workers in Foreign Artist's Lens