Global financial crisis in October 2008 by the Senate, 263-171 in a bipartisan vote. Discussions were ongoing in Europe regarding possible remedies for financial instability in Europe leading up to a conference Saturday afternoon in Paris hosted by Nicolas Sarkozy, president of France. UniCredit of Italy was reported to be the latest bank to come under pressure. During the night of October 2 Greece followed Ireland's lead and guaranteed all bank deposits. On October 3 it was reported that Wachovia had rejected the previous offer from Citigroup in favor of acquisition by Wells Fargo, resulting in a legal dispute with Citigroup. In Britain, the Financial Services
Kevin Rudd two arms to its philosophy and practice: rewarding hard work and achievement, but with a guarantee of fairness and social justice. On election to office prior to the Global Financial Crisis, the Rudd Government announced a five-point plan to combat inflation. The first budget of the Rudd government was delivered by Treasurer Wayne Swan in May 2008 and a projected surplus of $21.7 billion was announced. In line with Rudd's explanation of his economic philosophy on taking office, his government intervened early as the global recession began to take hold by guaranteeing bank deposits and announcing two stimulatory spending packages.