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| Version 4 | Version 5 |
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| Bush vows to stabilise US economy | Bush vows to stabilise US economy |
| (30 minutes later) | |
| President George W Bush has promised the American people the US government is working "aggressively" to restore stability to the economy. | President George W Bush has promised the American people the US government is working "aggressively" to restore stability to the economy. |
| Speaking from the White House, Mr Bush said recent market turmoil was being driven by "uncertainty and fear". | Speaking from the White House, Mr Bush said recent market turmoil was being driven by "uncertainty and fear". |
| He spoke as world markets tumbled amid rising fears of a global recession, despite interest rate cuts and huge cash injections by central banks. | He spoke as world markets tumbled amid rising fears of a global recession, despite interest rate cuts and huge cash injections by central banks. |
| He also defended the recent $700bn (£410bn) rescue plan for Wall Street. | |
| Mr Bush said the bail-out package he signed into law a week ago was big enough but added "it will take time to have its full impact". | |
| We're in this together and we'll come through this together President Bush Peston: Global fix neededFear grips global stock marketsCredit crisis: World in turmoil | We're in this together and we'll come through this together President Bush Peston: Global fix neededFear grips global stock marketsCredit crisis: World in turmoil |
| He said: "We are a prosperous nation with immense resources and a wide range of tools at our disposal. We are using these tools aggressively." | He said: "We are a prosperous nation with immense resources and a wide range of tools at our disposal. We are using these tools aggressively." |
| Acknowledging mounting worry among people about their retirement and investment accounts, he pledged: "We can solve this crisis, and we will." | Acknowledging mounting worry among people about their retirement and investment accounts, he pledged: "We can solve this crisis, and we will." |
| He said the US was working "closely with our partners from around the world" to steady the panic-stricken markets. | |
| "Through these efforts, the world is sending an unmistakable signal. We're in this together and we'll come through this together," he said. | "Through these efforts, the world is sending an unmistakable signal. We're in this together and we'll come through this together," he said. |
| His statement came as finance ministers from the Group of Seven most industrialised nations - the US, Japan, Britain, Germany, France, Italy and Canada - gathered in Washington. | His statement came as finance ministers from the Group of Seven most industrialised nations - the US, Japan, Britain, Germany, France, Italy and Canada - gathered in Washington. |
| Talks will also be held at the International Monetary Fund (IMF) in the US capital. | Talks will also be held at the International Monetary Fund (IMF) in the US capital. |
| Wall Street has lost more than a fifth of its value in the past 10 trading days and is heading for one of its biggest weekly falls since the Dow Jones index was created 112 years ago. | Wall Street has lost more than a fifth of its value in the past 10 trading days and is heading for one of its biggest weekly falls since the Dow Jones index was created 112 years ago. |
| Some European markets regained ground after Wall Street opened on Friday, having registered big drops earlier in the day. | Some European markets regained ground after Wall Street opened on Friday, having registered big drops earlier in the day. |
| Shares in Asia closed down sharply, with Japan's main Nikkei index suffering its biggest one-day drop since the 1987 stock market crash and Hong Kong's Hang Seng slumping to a three-year low. | |
| There have been suspensions in trading in at least seven countries: Russia, Austria, Iceland, Romania, Ukraine, Brazil and Indonesia. | There have been suspensions in trading in at least seven countries: Russia, Austria, Iceland, Romania, Ukraine, Brazil and Indonesia. |
| The volatile trading continued despite moves on Wednesday by six of the main central banks to cut interest rates by half a percentage point. | The volatile trading continued despite moves on Wednesday by six of the main central banks to cut interest rates by half a percentage point. |
In other major developments:
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