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Government to sweeten AIG bailout package

Text by AFP

Latest update : 2008-12-09

The US government is likely to pour more money into troubled insurer AIG and ease lending conditions, media report. The initial $123 billion deal could be replaced by a $150 billion package.

The US government and giant troubled insurer American International Group are near a deal to replace AIG's original 123-billion-dollar rescue package with a new 150-billion-dollar deal, The Wall Street Journal reported on its website late Sunday.
  
Citing unnamed people familiar with the matter, the newspaper said the proposed new bailout package would considerably ease terms on the company.
  
Details of the revised deal could be announced as soon as Monday, the report said.
  
Under the terms of the deal under discussion, the government would give AIG more money, including 40 billion dollars from the Treasury's 700-billion-dollar Troubled Asset Relief Program approved by Congress, The Journal said.
  
It would also demand less interest than on the original loan, according to the report.

Date created : 2008-11-10

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