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 report by GAO, published December 2008, listed a total of 44 banks participating in the Treasury's $250bn "Capital Purchase Program" initiative. On Tuesday, October 28, stocks rose dramatically worldwide in anticipation of rate cuts by central banks. In the U.S. the Dow Industrial Average rose 10.8%, closing at over 9000. On Wednesday, October 29, markets in the U.S. closed down slightly despite announcement by the Federal Open Market Committee of a reduction in the federal funds rate 50 points to 1 percent Markets in the U.S. were up Thursday and Friday, closing up for the week, cutting losses to the