Bush anounce 250-billion plan to buy bank shares

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Source: CCTV.com | 10-15-2008 08:34

George W. Bush has announced a 250-billion-US-dollar government plan to buy US bank shares.

George W. Bush has announced a 250-billion-US-dollar government plan to buy US bank shares.(CCTV.com)

The move is meant to calm the turmoil in the financial markets and stave off a deep recession.

The US president says there will be other steps to help restore confidence and return the American economy to the path of prosperity.

George W. Bush, US President, said, "This new capital will help healthy banks continue making loans to businesses and consumers. And this new capital will help struggling banks fill the hole created by losses during the financial crisis, so they can resume lending and help spur job creation and economic growth."

Editor:Zhang Pengfei