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The world this year: finance and economics<100035694>
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The world this year: finance and economics

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America and Europe reacted to the unfolding crisis by unveiling broad bail-out packages for the financial system. After a battle in Congress America extended $700 billion in funding. With credit markets frozen, central banks took emergency steps to boost liquidity. America's Federal Reserve made unprecedented market interventions. Most central banks slashed interest rates. The Fed reduced its rates to near zero, lower than they have ever been.

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