Global financial crisis in October 2008 while Kaupthing was subjected to a rescue plan. On October 6, the Icelandic Financial Supervisory Authority decided temporarily to suspend from trading on regulated markets all financial instruments issued by Glitnir banki hf., Kaupþing banki hf., Landsbanki Íslands hf., Straumur-Burðarás fjárfestingarbanki hf., Spron hf., and Exista hf. Before the opening of the business day, October 6. BNP Paribas, the French bank, assumed control of the remaining assets of Fortis following Dutch nationalization of the operations of the bank in The Netherlands. Denmark, Austria, and possibly Germany, joined Ireland and Greece in guaranteeing bank deposits on Monday, October 6. Following this,
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.