US government unveils plan to rescue Citigroup
The US government has unveiled a bold plan to rescue troubled Citigroup, including taking a $US20 billion stake in the firm as well as guaranteeing hundreds of billions of dollars in risky assets.
The US government is promising to protect struggling banking giant Citigroup against large losses by issuing a 306-billion-dollar guarantee for its capital and purchasing a 20-billion-dollar stake in the company using a financial rescue package approved by Congress.