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Published on Friday, October 10, 2008
By LA Daily News Staff Writer
Stock prices in Asia and Europe careened lower Friday, extending a stampede of selling that began in on Wall Street a day earlier, deepening a global financial crisis that has defied all efforts to stop it.
This week's coordinated interest rate cuts by the world's central banks to thaw frozen credit markets and boost investor confidence have fallen flat as markets remain gripped by fears about the scale and depth of the likely global recession.
The Wall Street Journal reported that government officials are considering temporarily guaranteeing all U.S. bank deposits and billions of dollars of bank debt, in addition to possibly buying stakes in individual banks. The New York Times also said officials are reviewing a British proposal that also includes repayment guarantees for certain types of loans
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