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Explained: British banks catch the American bug

Akanksha Banerji,CNN-IBN
Oct 08, 2008 at 09:39pm IST

London: Governments across the world are making desperate attempts to rescue their markets. America's $700-billion bailout plan and interest rate cuts haven't helped so far and on Wednesday the British government announced an $87 billion package to rescue its battered banking system.

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