Japan stumps up more cash, Belgian govt. falls!

Dantheman62 · 12-20-2008, 08:30 PM

LONDON (Reuters) – Japan approved extra funding and Germany pledged new measures on Saturday to confront a financial crisis that has toppled banks, wrecked world growth and now played a part in the demise of Belgium's government.

Tokyo has joined governments worldwide in pledging hundreds of billions of dollars of fiscal stimulus to lessen the impact of the crisis on their economies, many of which, Japan's included, are already in recession.

Its extra 4.79 trillion yen ($54 billion) budget, approved by cabinet on Saturday, will help finance two already-unveiled spending packages totaling 10 trillion yen.

Chancellor Angela Merkel said Germany would take "a further step" in January to boost its economy, having previously limited herself to saying government leaders would meet in the new year to review the situation.

In neighboring Belgium, King Albert consulted political leaders after the government collapsed following its botched attempt to bail out financial group Fortis.

Prime Minister Yves Leterme tendered his government's resignation on Friday after a report by the Supreme Court found signs of political meddling to sway a court ruling on the future of the bank, a victim of the credit crunch.

http://news.yahoo.com/s/nm/20081220/bs_nm/us_financial

12-20-2008, 08:30 PM	#1
Dantheman62 Avalon Senior Member Join Date: Sep 2008 Location: So. Cal. U.S. Posts: 4,205	Japan stumps up more cash, Belgian govt. falls! LONDON (Reuters) – Japan approved extra funding and Germany pledged new measures on Saturday to confront a financial crisis that has toppled banks, wrecked world growth and now played a part in the demise of Belgium's government. Tokyo has joined governments worldwide in pledging hundreds of billions of dollars of fiscal stimulus to lessen the impact of the crisis on their economies, many of which, Japan's included, are already in recession. Its extra 4.79 trillion yen ($54 billion) budget, approved by cabinet on Saturday, will help finance two already-unveiled spending packages totaling 10 trillion yen. Chancellor Angela Merkel said Germany would take "a further step" in January to boost its economy, having previously limited herself to saying government leaders would meet in the new year to review the situation. In neighboring Belgium, King Albert consulted political leaders after the government collapsed following its botched attempt to bail out financial group Fortis. Prime Minister Yves Leterme tendered his government's resignation on Friday after a report by the Supreme Court found signs of political meddling to sway a court ruling on the future of the bank, a victim of the credit crunch. http://news.yahoo.com/s/nm/20081220/bs_nm/us_financial