Don't miss

Replay


LATEST SHOWS

ACROSS AFRICA

Dozens killed in attack on military camp in Mali

Read more

THE DEBATE

Splintered Left: French Socialists divided ahead of primary runoff (part 1)

Read more

THE DEBATE

Splintered Left: Are Europe's social democrats obsolete? (part 2)

Read more

EYE ON AFRICA

New President says Jammeh has agreed to cede power

Read more

ACROSS AFRICA

France finally grants Senegalese vets citizenship

Read more

THE OBSERVERS

Pollution threatens island paradise of Mauritius, and one Cameroonian expat's quest to bring safe drinking water to his country

Read more

THE INTERVIEW

Publicis boss encourages firms to move staff to Paris post-Brexit

Read more

THE INTERVIEW

'Fake news has had almost no impact on Wikipedia'

Read more

FOCUS

Iraq: Embedded with French special forces in Mosul

Read more

Paulson to leave rest of bailout package for Obama administration

Text by AFP

Latest update : 2008-12-09

US Treasury Secretary Henry Paulson said on Monday that it is likely he will leave the remainder of a 700 billion dollar bailout of the finance sector for when president-elect Barack Obama takes office on Jan. 20, 2009.

US Treasury Secretary Henry Paulson said in an interview Monday he would likely leave the remainder of a 700 billion dollar finance sector bailout fund for the incoming administration of president-elect Barack Obama.
   
The Wall Street Journal quoted Paulson as saying he would probably not tap the remaining 410 billion dollars of the rescue fund to launch any substantial new programs.
   
"I'm going to do what we need to do to keep the system strong but I'm not going to be looking to start up new things unless they're necessary, unless they make great sense," Paulson told the newspaper.
   
"I want to preserve the firepower, the flexibility we have now and those that come after us will have."
   
His preference to keep some money in reserve means many of the big decisions about how to use the fund, such as helping to stem a tide of foreclosures, will be delayed until Obama takes office on January 20.
   
Of the 700 billion dollars authorized by Congress last month to rescue the financial sector, 290 dollars has been disbursed.

Date created : 2008-11-18

COMMENT(S)