Afternoon Markets: Markets fail to rebound despite government bailouts

President Bush has urged the lower house of the US Congress to pass the bill designed to end the cr...

President Bush has urged the lower house of the US Congress to pass the bill designed to end the credit crunch. Over the weekend US politicians announced a $700bn deal to rescue America's financial system and end the credit crunch. The move, backed by both Republican and Democratic leaders, allows the Treasury to spend up to $700bn buying bad debts from ailing banks in the US. This latest move comes as the Wachovia, the fourth-largest bank in the US confirmed it has been taken over by Citigroup as part of a Government-backed rescue in a $312bn deal. Wachovia shares fell more than 90% in ...