Finance minister says don't panic
All options will be considered to save embattled bank Northern Rock, British finance minister Alistair Darling said yesterday as fears of a crisis threaten to spoil Prime Minister Gordon Brown's first year in power.
Darling sought to soothe nerves again yesterday as Northern Rock's shares tumbled by a third for the second session in a row.
"I'll consider every option," Darling told BBC radio. "What I would say to people at the moment is that if they want to get their money out of the Northern Rock bank they can do it."
The UK has already urged Europe to force better regulation on financial markets to protect against any future lending squeeze and the Group of Seven rich nations have commissioned a report on the cash crunch in time for next month's IMF meeting.
"(US Treasury Secretary) Hank Paulson and I both agree what's necessary is more discipline is needed in the financial system and far more openness," Darling said in a later interview.
Pressure is growing on the United States to act swiftly and decisively to help stave off a crisis, especially as the current turbulence stems from risky mortgage lending in the United States.
Agencies
(China Daily 09/18/2007 page16)
