World

October 8, 2008

Familiar ring: Britain bails out its banks — and stocks tumble

The British government took a bold gamble to try stemming its financial crisis on Wednesday, unveiling a sweeping rescue plan that partly nationalizes its major banks. But the initial reaction from financial markets and people on the street was chilly. The package totals about $692 billion. About one-eighth of that money involves a direct infusion of capital.

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