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More Nations Move to Strengthen Banks

  • VOA News

The Dutch and South Korean governments have announced, separately, plans aimed at strengthening their banks in response to the global financial crisis.

The Dutch finance ministry and central bank said on Sunday they plan to inject some 13 billion dollars into one of the world's largest banks (the Dutch financial group ING).

Earlier this month, Dutch officials said they were willing to inject nearly 30 billion dollars (20 billion euros) into the country's financial sector.

In Seoul, officials said they plan to inject 30-billion dollars into South Korean banks, as well as guaranteeing 100-billion dollars in foreign loans.

The pledges came a day after U.S. President George Bush discussed the financial crisis with French President Nicolas Sarkozy and European Commission President Jose Manuel Barroso (at Camp David, near Washington).

The leaders said in a statement they are planning a series of summits to address the situation. They said the first summit would focus on reaching "principles of reform" to ensure future prosperity. Later summits would develop specific steps to meet those goals.

Mr. Bush said he will host the first summit, with a focus on strengthening and modernizing the world's financial systems. He did not give a date for the summit, but officials said it will likely come after the U.S. presidential election on November 4th.

On Sunday , Mr. Bush's top economic advisor, Ed Lazear, said (on CNN's "Late Edition" program) that some parts of the United States will have higher rates of unemployment in the months ahead.

But he said he believes the United States, overall, is showing remarkable resiliency during this financial crisis.

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