EU backs IMF fund boost; stocks near 14-year lows

Posted by 7Star Tuesday, March 10, 2009

The European Union was set to back an International Monetary Fund call for $500 billion to fight the financial crisis on Monday as world stocks sank towards 14 year lows in a broad-based sell-off. Economic gloom spread from Asia to Europe as Japan recorded its largest current-account deficit and US stocks fell at the outset on persistent lack of confidence in steps to shore up ailing banks before edging into positive territory.

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