Page last updated at 13:35 GMT, Tuesday, 30 September 2008 14:35 UK

World reacts to US bail-out rejection

World leaders have been reacting to the rejection of the $700bn US bail-out plan to stabilise the economy by the House of Representatives.

BRITISH PRIME MINISTER GORDON BROWN

The vote in America is very disappointing. The governor of the Bank of England, the chancellor and I will take whatever action necessary to ensure continued stability for Britain.

The stability of our system is something that we are doing everything in our power to maintain.

BRAZILIAN PRESIDENT LUIZ INACIO LULA DA SILVA

Emerging nations, poor nations who have done everything to have a good fiscal policy and to keep their economies stable, should not be paying for the price for the American economy's casino-like policies.

It is not fair to have countries in Latin America, Africa or Asia pay for the irresponsibility of certain sectors of the American financial system.

GERMAN CHANCELLOR ANGELA MERKEL

The government expects and I expect that the rescue package in the United States will be approved this week, because it is needed so that new confidence can be established in the markets.

AUSTRALIAN PRIME MINISTER KEVIN RUDD

These are turbulent times, these are worrying times. What's important is that all people of good will around the world act in concert with our friends in the United States to see the right measures taken through the US political process to stabilise the global financial system.

The call that we need to make is for them to put aside party politics and to pass this package because it is necessary for the stabilisation of US financial markets and global financial markets. All of our interests are at stake here.

EU TRADE COMMISSIONER PETER MANDELSON

I feel they've taken leave of their senses and I hope that in Europe we will not see politicians and parliamentarians replicating the sort of irresponsibility and political partisanship that we have seen in Washington.

The American banking system is going to have to reinvent itself... It's going to be consolidated, it's going to operate in a different way, it's going to have to operate with more responsibility, less risk.

FRENCH CENTRAL BANK GOVERNOR CHRISTIAN NOYER

It's bad news but the Americans have no choice. They absolutely must have an overall plan because the crisis is hitting America much more than it's hitting the rest of the world.

I have total confidence that they will find the right solution.

NEW ZEALAND PRIME MINISTER HELEN CLARK

I think we are all very disappointed that the US Congress and the administration haven't agreed on the rescue package.

That rescue package would have injected a lot of confidence into the international financial systems. The fact that it hasn't happened has affected share markets as far away as New Zealand.

JAPANESE PRIME MINISTER TARO ASO
We have to respond appropriately in order not to affect the Japanese economy and to prevent the financial system from falling apart.

INDIAN FINANCE MINISTER P. CHIDAMBARAM

We are watching the situation carefully. Of course, we will be greatly helped if a bail-out package is quickly approved by the US congress.

THAI PRIME MINISTER SOMCHAI WONGSAWAT

The impact of the global financial turmoil on our economy will be limited. We can still cope with the situation but we have to warn investors not to be alarmed.

PHILLIPPINE PRESIDENT GLORIA ARROYO

That just goes to show that this is really a time of global economic uncertainty.

I know that these global forces are causing real difficulties for countries around the world so we in the Philippines have been working hard on all fronts.

SOUTH KOREAN FINANCE MINISTER KANG MAN-SOO

If necessary, we will inject foreign exchange reserves into the market. We're not at a stage where we have to worry about liquidity.

CHIEF EXECUTIVE OF HONG KONG DONALD TSANG

We must also remember the economic fundamentals of Hong Kong are good and our regulatory system, our fiscal economic system, are sound. For that reason, we should have confidence in ourselves in dealing with crises of this kind.


FEATURES, VIEWS, ANALYSIS
Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit

BBC navigation

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.

Americas Africa Europe Middle East South Asia Asia Pacific