Joint Rate Cuts to Ease Global Economic Turndown

by Jacob Cherian    October 09, 2008

Washington, DC (GroundReport) - Published reports say coordinated short-term interest rate cuts have been implemented in Europe, America and Asia, to assuage the effects of a turndown in the global economy.

Treasury Secretary Henry Paulson told reporters that his priority is the stabilization of financial markets. He said the Treasury's new authority to remove the bad loans from the books of financial institutions will be fully operational within a few weeks. He said it is too early to see signs of stabilization, reports VOA News.

"I think it is too early to look for encouraging signs in the credit markets," said Paulson in a VOA News report. "We continue to have a good number of the markets performing as normal, but there are still many of the markets that are not performing as normal."

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