Australia, NZ guarantee all deposits

Australia and New Zealand became the latest countries to guarantee all deposits over the weekend.

Kevin Rudd, Australia's prime minister, on Sunday said the government would guarantee all deposits of Australian banks, building societies, credit unions and Australian subsidiaries of foreign banks.

The blanket guarantee will last for three years.

Rudd said the Australian authorities would also follow London's lead in guaranteeing wholesale term funding of Australian incorporated banks and other

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