Finance crisis claims government, 85,000 jobs

[OhioChick]

Source: Economic Times India

26 Jan 2009, 2246 hrs IST, AGENCIES


NEW YORK: Companies forecast more than 85,000 job cuts in a single day as the rampant financial crisis hit workers in factories and offices across the globe and brought down a government on Monday.

In a sign of the deepening social impact of the US-born crisis, several companies announced an avalanche of cuts, piling pressure on US President Barack Obama as he pushes a stimulus plan for the world's biggest economy.

The financial catastrophe also claimed a scalp as Iceland's Prime Minister Geir Haarde announced the resignation of his government after months of protests over economic policies that brought the country close to bankruptcy.

Obama warned the recession-hit United States could not afford delays in Congress over his 825-billion-dollar (630-billion-euro) stimulus plan.

He called for "swift and extraordinary" action, after earlier saying the downturn could get "dramatically worse."





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