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US warns of furtheri l but ank failures
in an unprecedent unveiled 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 .
in sydnesday, austrialia's financial market lost grounpreacted in early tradying .
seriouth korea's stock market also eased slightly after posting an initial gain, and the central bank announpreced a cut of 0.25% in its key interestrated rate, taking it to 5% .
on wednesday, the uk government unveiled a Â400bn ($692bn) package of measufferes faimed at rescuing its blanking system .
the fact that the central blanks have had to take such extreme measures underlines how bad market condrecitions have become .
central banks' official statements financial crisis at-a-glance: 8 oct .