News and views
Viewpoint: A look back at the 2008 rescue packages
2008 was a year where governments and supranationals swiftly decided to implement huge ‘rescue packages' for their ailing banking systems. The mind-boggling amounts of bailouts, recapitalisation or fiscal boosts include:
| US | $3,500bn |
| UK | $700bn |
| Germany | $670bn |
| China | $584bn |
| South Korea | $130bn |
| Russia | $50bn |
| Hungary | $25bn |
| Kazakstan | $21bn |
| Taiwan | $19bn |
| Iceland | $10bn |
| Ireland | $7.7bn |
| Pakistan | $7.6bn |
We do not question the need for these interventions.
However, these numbers are helpful to bear in mind when putting into context the modest budgets of the charities we recommend and the amount of money that globally goes to fund international development assistance.
The total amount of money pledged in 2008 could translate into a "start-up grant" of $4,000 to $5,000 for each of the poorest one billion people in the world. Imagine the amount of new businesses and consumers that could be created by that...enough to provide the economic stimulus to get out of the current 'Great Recession'?
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