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This is Money
World stock markets soared today after governments committed trillions of dollars in an unprecedented attempt to prevent the collapse of the international financial system.
Markets soar as the world acts to rescue banks
Japanese stocks have surged in line with a strong rebound in the global market following a raft of international government pledges to inject cash into the ailing financial system.
Japans Nikkei soars 12 per cent in early trading
More countries are at risk of following Iceland into bankruptcy, with the Baltic republics of Estonia, Latvia and Lithuania now looking particularly vulnerable, the International Monetary Fund has warned.
Baltic states could follow Iceland's lead, warns IMF
The frozen money markets today showed tentative signs of thawing as central banks and governments around the world battled the financial crisis.
Banks' action starts a thaw in the money markets
One banking source, aggrieved at FSA tactics that have left shareholders heavily diluted, said: "This is the first time in history a bank robber has put a gun to the head of a bank manager to force him to take more cash."
FSA tactics force nationalisation
Royal Bank of Scotland will have to pay the Treasury 600m a year just to service its 5bn of preference shares it emerged today. In other words, existing investors in the three banks can expect no payouts for years to come. That gave many funds no choice but to dump their holdings.
RBS landed with 600m annual interest bill
Morgan Stanley shares went flying higher 87 per cent yesterday after the ailing investment bank secured its $9bn in emergency financing from the Japanese bank Mitsubishi UFJ, money it needs to reassure clients it can continue to trade.
Morgan Stanley soars as financing agreed
The financial fall-out in the vast, opaque credit default swaps market caused by the collapse of Lehman Brothers could be smaller than originally feared, analysts say.
Lehman CDS auction fears allayed
US Treasury Secretary Hank Paulson was last night putting the finishing touches to a financial stability plan aimed at recapitalising the American banking sector and returning confidence to global financial markets.
Paulson close to finalising stability plan