The OECD grouping of 30 leading economies has welcomed the US bailout plan for the financial system.
Speaking in Paris, OECD Secretary General Angel Gurria said the announcement of the bailout plan had already triggered a partial return to normality in US and world financial markets. The plan foresees using 700 billion dollars of taxpayers' money to buy up banks' bad debts. US lawmakers have reportedly agreed to include protections for homeowners in the rescue package. But Democrats and Republicans have split over other measures, including whether the government should gain equity in companies seeking a bailout. The Bush administration needs the support of the Democrat controlled Congress to pass its package.
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