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PARIS (AP) - The leaders of Europe's four major powers called Saturday for flexibility on applying EU economy rules as they tackle a global financial crisis, and took a solemn vow'' to support their banks, French President Nicolas Sarkozy said.
For those who predicted that the era of American dominance in the economic and political spheres was waning with the rise of China and India, the stream of bad news from Wall Street and its negative impact on major markets must surely come as a reality check.
WASHINGTON (AP) - The Federal Reserve, in coordinated action with foreign central banks, plowed $30 billion into money markets overseas Wednesday, part of an ongoing effort to fight a global credit crisis.
The Bush administration asked lawmakers Thursday for the power to rescue banks by buying distressed assets that lie at the heart of the financial system's crisis.