Banks push for global bailout

Banks have urged officials from around the world to cooperate on a global response to the financial crisis.

Charles Dallara, the managing director of the Institute of International Finance (IIF), a global trade body for the banking industry, on Friday called for "systemic, internationally-coordinated responses" to the current turmoil.

Such responses were, Dallara said, "essential at this stage to stabilise financial markets, requiring large, if temporary, use of government funds."

The passage

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