$700B Bank Guarantee
Mon, 13 Oct, 2008

THE Government will guarantee the $600-$700 billion deposits in Australian financial institutions in a move to shore up local confidence and protect the nation's international competitiveness.
Declaring that the country is in "the economic equivalent of a rolling national security crisis", Kevin Rudd has also announced that all borrowing by Australian banks and other deposit-taking institutions from overseas will be guaranteed.
The deposit and lending guarantees are unprecedented in Australian banking history and are an immediate response to the dramatic moves by other countries to prop up their failing financial systems.
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