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Citigroup begs for an expression of confidence from the US government

As the Citigroup giant looks to reorganise its business and refinance the balance sheet pressure is growing on the US government to release an expression of confidence in the business for the longer term, in the hope that this will cut short massive selling pressure on the shares. The company has already received a $25 billion loan from the government although rumours persist about the short to medium term viability of the business in the current economic climate.

Citigroup is one of the few US financial giants left standing after a period which has literally left the US investment banking industry a shadow of its former self. The stagnation in the stock market and investor concern about the short to medium term situation has placed great pressure on the likes of Citigroup and seen many others wilt under the strain. It will be interesting to see if the US authorities are willing to give an expression of confidence as this would very much place their reputation on the line also.

Whatever happens, Citigroup needs some assistance from outside parties and so far very few have been forthcoming with encouraging words or cash injections.

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