AFP
September 30, 2008
World leaders called on the US government to take action to stave off global financial collapse Tuesday after Congress rejected a 700 billion dollar bailout in a move which stunned global markets.
Another European bank, Dexia, had to be rescued and shares went through another roller coaster ride after the House of Representatives voted 228-205 against the rescue on Monday.
European leaders led the calls for action by President George W. Bush who called close advisors into emergency talks after the defeat and was to make a statement on Tuesday.
“The US must take its responsibilities in this situation, must show statesmanship for the sake of their own companies and for the sake of the world,” European Commission spokesman Johannes Laitenberger said.
German Chancellor Angela Merkel called for another vote on the plan this week to restore market confidence.
British Prime Minister Gordon Brown said he had sent a message to the White House to underline “the importance that we attach to taking decisive action”. New Japanese premier Taro Aso said: “We should not let the world financial system collapse.”
Australian Prime Minister Kevin Rudd said that he and other US allies would press Washington to take action.
US Treasury Secretary Henry Paulson warned US lawmakers they had to act fast after his plan was dramatically rejected Monday.
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