The US treasury secretary has warned some banks will still fail despite the $700bn government rescue package to shore up the financial system.
Henry Paulson called for the plan's swift implementation, but said the financial crisis would not end soon.
Seven central banks on Wednesday cut interest rates in an effort to steady the faltering global economy.
But the moves failed to cheer world stock markets, and Thursday saw sluggish sales on Asia's main indexes.
Japan's benchmark Nikkei index recovered slightly on Thursday, having suffered its biggest one-day drop in 21 years the previous day shedding nearly 10% of its value.
The Bank of Japan announced it had injected two trillion yen ($20.1bn) into the money markets in an effort to calm fears.
In Sydney, Australia's financial market lost ground in early trading.
In his bleak assessment, Mr Paulson warned the ongoing financial chaos had "seriously impacted" the economy.
"Even with the new treasury authorities, some financial institutions will fail," he added.
There was an equally stark warning from the International Monetary fund, which said global financial markets were facing their most dangerous shock since the 1930s.
Global action
In an unprecedented co-ordinated move on Wednesday, rates were cut by the Bank of England (to 4.5%), the US Federal Reserve (to 1.5%), and the European Central Bank (ECB) (to 3.75%), with similar cuts from the central banks of Canada, Sweden and Switzerland.
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I think it's the time for all the government to cooperate together to solve the crisis.
What do you think?
**************************************************************************
Henry Paulson called for the plan's swift implementation, but said the financial crisis would not end soon.
Seven central banks on Wednesday cut interest rates in an effort to steady the faltering global economy.
But the moves failed to cheer world stock markets, and Thursday saw sluggish sales on Asia's main indexes.
Japan's benchmark Nikkei index recovered slightly on Thursday, having suffered its biggest one-day drop in 21 years the previous day shedding nearly 10% of its value.
The Bank of Japan announced it had injected two trillion yen ($20.1bn) into the money markets in an effort to calm fears.
In Sydney, Australia's financial market lost ground in early trading.
In his bleak assessment, Mr Paulson warned the ongoing financial chaos had "seriously impacted" the economy.
"Even with the new treasury authorities, some financial institutions will fail," he added.
There was an equally stark warning from the International Monetary fund, which said global financial markets were facing their most dangerous shock since the 1930s.
Global action
In an unprecedented co-ordinated move on Wednesday, rates were cut by the Bank of England (to 4.5%), the US Federal Reserve (to 1.5%), and the European Central Bank (ECB) (to 3.75%), with similar cuts from the central banks of Canada, Sweden and Switzerland.
**************************************************************************
I think it's the time for all the government to cooperate together to solve the crisis.
What do you think?
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