Global financial crisis in October 2008 in Iceland. On October 7 the Federal reserve announced formation of a Commercial Paper Funding Facility (CPFF) which will serve as a funding backstop to facilitate the issuance of term commercial paper by eligible issuers. Several countries announced new or increased deposit guarantees: Taiwan outlined plans to double the guarantee to NT$3 million ($92,000) and the European Union agreed to increase guarantees across the EU to at least €50,000 per saver. Several EU states then announced increases on top of this minimum: Netherlands, Spain, Belgium, and Greece each announced they would guarantee up to €100,000. The government of Britain announced
Global financial crisis in October 2008 26, Hungary and Ukraine made tentative arrangements with the International Monetary Fund for emergency aid packages. In Poland the value of stocks has fallen 50% for the year and the zloty, the Polish currency, has fallen against both the dollar and the euro. The crisis has affected South Africa, Brazil and Turkey. South Africa was particularly affected by a dramatic drop in the price of platinum, a commodity used in automobile manufacturing. In addition to Iceland, Ukraine and Hungary, Belarus and Pakistan were also engaged in emergency discussions with the IMF. Pakistan had what was described as a "growing balance