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
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.