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financial crisis. Investors and traders from the middle classes have demonstrated against the government while politicians are threatening to grill the prime Minister in parliament on a series of controversies. Kuwait is the only Gulf country to have been forced to publicly bail out a bank after Gulf Bank lost $1.4bm (#933m, $1.1bn) in derivative trading.

• Citigroup incorporated facing the threat of a breakup or sale, received $306 billion of US government guarantees for trouble mortgage and toxic assists to stabilize the bank after its stock fall 60 percent last week. Citigroup also will get a $20 billion cash injection from the treasury department, adding to the $25 billion the company received last month (October) under the trouble assets relief programmed. In return for him cash and guarantee, the government will get $27 billion of preferred shares paying 8 percent divided. Citigroup rose as much as 41% in German trading on Monday November 24, 2008 (Global Business, 2008:36).

• Barrack Obama unveils an economic team steeped in fighting crisis and likely to push for an unprecedented government role in reviving growth and stabilizing the financial system (global business, 2008:39).

• In the property and environment section of daily champion (2008:32), it was noted that the financial crunch had eventually hit Dubai. Quoting the Architects Journal, the report noted that “architects and developers in Dubai are freezing recruitment and making redundancies as the emirate's real estate market begins to crumble. “Similarly, in the Dubai financial market, the general stock index had fallen from a high of 6, 315 earlier this year to just 2, 1012 yesterday (November 26, 2008).

• Gordon brown (Prime Minister of Britain) had warned that the world is facing “the first truly global financial crisis (Gordon Brown, Msthaba, July 4, 2008). Gordon further positioned that both the World Bank and UN were out of date and should be reformed to tackle the emerging problems.

• The economic problems afflicting many countries suffering recession have been blamed on the sub-prime mortgage crisis in the us that has led to plunging property prices and billions in losses by banks.

• The devastating financial flu that has sent the American economy reeling is contagious, making the rest of the world look sick too. Stock markets on Monday plugged from Tokyo to New York to Frankfurt as the economy suffered a global crisis of confidence driven mainly by fear that the $700 billion bailout of the us financial industry won't be enough to cure its ills (Goering, 2008).

• Germany on Sunday announced it was guaranteeing bank deposits to stave off collapse of the country's biggest mortgage firm, less than two weeks after the country's finance minister declared his country had sound fundamentals and wasn't vulnerable to a US style crisis.

• Ireland, Denmark, Greece and Iceland Similarly have promised to back saving in recent days all in an effort to reassure domestic consumers that the banking isn't collapsing.

• Khan (2008:25) blamed the cur本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。