Australian gov't under pressure over frozen cash

  • Business Premium
  • Friday, 24 Oct 2008

CANBERRA, Australia (AP) - Australia's government came under pressure Friday to change its unconditional guarantee for bank deposits after other financial institutions froze funds to prevent an investment exodus.

The government created a divide in the financial sector on Oct. 12 when it announced it would guarantee all bank deposits to shore up investor confidence shaken by the global credit squeeze.

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