US announces new stimulus plan
Published:Monday | March 23, 2009 | 5:58 PM
The United States has announced details of a new plan to buy up to US$1 trillion worth of toxic assets to help repair banks\' balance sheets.
The Public-Private Investment Programme will purchase the troubled mortgages and securities that have been at the root of the credit crunch.
The Treasury has committed US$75 to $100 billion to the programme.
The private sector says it will also contribute.
President Barack Obama said the move was a vital step towards recovery.
The Treasury says the plan will also help the financial system recover.