Word: sectored
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...Uniform policy prescriptions don't come easy for a diverse group of countries ranging from Venezuela to Indonesia. For example, banking-sector repair and reform is likely more needed in India than in China, because India's financial sector is more intertwined with Western markets than China's is. Less sophisticated economies that rely on manufacturing and agriculture may largely avoid the pain that has accompanied the worldwide breakdown of complicated financial systems...
...bigger question: Is there enough money to pay for everything the government is proposing? The new plan accounts right off the bat for a big hunk of the $700 billion that Congress approved. Will there be enough left over to buy up the toxic debts in the financial sector, for which the $700 billion was originally designed? Some analysts have estimated that those bad debts could total well over $1 trillion. It would be politically unappealing, to say the least, for the Administration to have to go back to Congress for more bailout money...
Less than a week after the British government sketched an $850 billion plan to steady a nervous banking sector and kick-start a recovery, the details are emerging. Following a flurry of meetings over the weekend, the British Treasury said Monday that it plans to spend as much as $63 billion bolstering the capital bases of three of the country's largest banks, partially nationalizing once mighty lenders in the process. "Today's plan is unprecedented," British Prime Minister Gordon Brown said at a Downing Street press conference, "but essential...
...effort to revive Britain's flagging banking sector has reversed the government's fortunes. Prime Minister Brown's broadly popular plan - which includes extra liquidity for banks and government guarantees for their debt - has inspired similar rescue packages across Europe. Still, one model won't fit all. "Some countries consider they don't have an insolvency problem, and are focusing more on providing guarantees to improve liquidity in the markets," says Antonio Ramirez, banking analyst at Keefe, Bruyette & Woods in London. (On Monday, for instance, Spain said it would guarantee new bank debt until...
...Economists say China's peculiar combination of unbridled capitalism and top-down state control has walled off the country's banks from most of the potentially harmful effects of the crisis. Although the country's membership in the World Trade Organization has required it to open its financial services sector to global competition and investment in 2006, "there is still only a narrow range of derivative instruments and innovation in financial products is still slow," says Sun Fei, Managing Director and Chief Economist at Hong Kong-based fund manager China International Capital. In other words, China's financial sector...