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The IMF said that the world banking system faces of meltdown if governments does not take immediate action to support that largest banks. Based on comments from Paulson, the US may be moving a bit slowly, which could cost the stock market dearly on Monday
The Times of London reports that the four largest banks in the UK will ask for 35 billion pounds. The UK may become the biggest investor in some of these banks and certainly will be at Royal Bank of Scotland (RBS) and Halifax Bank of Scotland (HBOS). The government may take board seats at some of the financial firms.
