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Gordon Brown calls for worldwide action against failing economies

Gordon Brown is this weekend attending the G20 Summit in New York where the powerhouses of the worldwide economy will meet to discuss the way forward, rescue deals and the future. Gordon Brown has already come out to demand that international action is implemented as soon as possible to avert what could well turn into a worldwide depression.

This comes on the same day that Germany announced an official recession with France and Italy not far behind. There is no doubt that in some cases a worst-case scenario is materialising in some areas of Europe and the leading economies of the Eurozone are sure to drag down their smaller counterparts. The ECB has been very active on the interest rate front and pumped billions of dollars into the money markets although there is a worry that funds are running low which has seen appeals to the Middle East over recent weeks.

The US will as ever dictate the pace and direction of a worldwide rescue but even the US government seem to be undecided about the best way forward having recently changed the terms of their $700 billion rescue package. After initially suggesting the purchase of toxic assets to take them away from the market they now seem to have reverted to a similar plan to Gordon Brown and are considering taking equity stakes in major US banks.

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