From last week's plunge, Australian stocks were seen recovering after the Federal government guaranteed all savings deposits for the next three years. The rebound was led by Australian banks.
Australia's government said yesterday it will guarantee all deposits with institutions for the next three years and all ``term wholesale funding'' by Australian banks operating in international credit markets.
European leaders agreed to guarantee new bank refinancing and use taxpayer money to keep distressed lenders afloat, trying to stop the worst rout in Europe's stock markets in two decades and stave off a recession.
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