Latest news from Reuters on the global financial crisis

- European leaders pledge to pump public money into banks
hit by the worst financial crisis since the 1930s. According to
draft statement, they seek to help or subscribe to debt-raising
by banks for up to five years to complement European Central
Bank efforts to unfreeze inter-bank lending.

- Portugal to offer banks 20 billion euros of financing.
Spain would inject capital into banks if needed.

- IMF backs G7 stabilisation plan, saying debt-ridden banks
were pushing global financial system to brink of meltdown.

- Britain's four largest retail banks -- HBOS, Royal Bank
of Scotland, Lloyds TSB and Barclays -- are likely to announce
plans to recapitalise early on Monday, a source says. A
newspaper says they will ask for a combined 35 billion pound
($60.5 billion) lifeline.

- The United States needs a new economic stimulus plan that
pumps money into infrastructure projects and budget relief for
state and local governments, Democratic lawmakers say.

- Australia, New Zealand to guarantee bank deposits

QUOTES
"If market confidence is not restored this weekend, it's
game over." - Marco Annunziata, chief economist at Italy's
Unicredit bank.
"This needs concrete measures and unity -- that's what we
have today." - French President Nicolas Sarkozy, who hosted an
emergency meeting of leaders from the 15 euro zone countries
plus Britain.
"The measures I have announced today are part of also
international measures designed to unclog the arteries of the
global financial system." - Australian Prime Minister Kevin
Rudd on the decision to guarantee all bank deposits for three
years.
"Ideally, the G20 would have a situation room, such as you
have when you are in a war. Indeed, this crisis is like a war."
- Brazil's Guido Mantega.
"Saying that they'll take all steps necessary leaves
hanging the question of whether they know what is best and
necessary. It was a signature moment for the G7. I think
markets are going to be very disappointed." - Kenneth Rogoff,
former IMF chief economist
"Globalization, America as the center of the globalized
financial markets, was sucking up the savings of the world.
This is now over. The game is out. It does mean a very serious
adjustment for America." - Billionaire investor George Soros

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George Dagnino, PhD
Editor, The Peter Dag Portfolio
Since 1977