Job losses prod policymakers into action

Reuters
Posted: Tuesday, Jan 13, 2009 at 0014 hrs IST
Updated: Tuesday, Jan 13, 2009 at 0014 hrs IST

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Shell slashes 5,000 jobs as profits tumble Tech job losses in US below 1%: study US jobless claims climb to 551,000 US jobless rate hits 26-yr high

London: lend to each other. Bank lending has atrophied ever since they started reporting colossal losses tied to the US housing market, in 2007.

Luxembourg Prime Minister Jean-Claude Juncker, who heads the Eurogroup of euro zone finance ministers, demanded banks do their job. While banks were telling him there had been no reduction in their lending, companies were saying the opposite, he said. "It is therefore logical to demand more commitments (to lend) from financial establishments. Governments must be able to put pressure on them," Juncker told French newspaper Le Figaro....

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