Australian PM uncertain about bailout package

October 2nd, 2008 - 4:40 pm ICT by IANS  

Canberra, Oct 2 (Xinhua) Australian Prime Minister Kevin Rudd said Thursday it was still unclear whether the US Congress will pass a financial bailout package or what its impact might be. The US senate passed a $700 billion rescue plan earlier Thursday. But the revised plan still has to go back to the House of Representatives for approval.

The House rejected the deal earlier this week - a decision that caused huge reactions across global financial markets, including that in Australia.

“We still do not know… what will happen with the passage of the proposal which is currently before the United States Congress, ” Rudd told reporters in Perth in Western Australia.

“We do not know the final detail of the passage of that proposal to the United States Congress, we don’t know its long-term impact. Therefore, the prudent course of action is to be looking ahead three, six, nine, 12 months’ time and to ensure we are responding intelligently and appropriately to the advice of the (Australian financial) regulators,” he was quoted by Australian Associated Press as saying.

“My responsibility is to do everything sensible to maintain the stability of the Australian financial system, and I intend to do so,” the prime minister said.

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