"The financial turmoil that began in the summer
of 2007 has mutated into a full-blown crisis"
....the IMF said in its semi-annual World Economic Outlook yesterday.
http://www.independent.co.uk/news/business/news/us-bailout-likely-as-imf-warns-of-fullblown-crisis-949708.html
Schwarzenegger to U.S.: State may need $7-billion loan
SACRAMENTO -- California Gov. Arnold Schwarzenegger, alarmed by the ongoing national financial crisis, warned Treasury Secretary Henry M. Paulson on Thursday that the state might need an emergency loan of as much as $7 billion from the federal government within weeks.
The warning comes as California is close to running out of cash to fund day-to-day government operations and is unable to access routine short-term loans that it typically relies on to remain solvent.
http://www.latimes.com/business/la-fi-calif3-2008oct03,0,5726760.story
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