George W Bush has announced on behalf of the US government a $250bn (£143bn) plan to purchase stakes in numerous US banks.

After yesterday's (Monday) injection of £37bn of taxpayers money into British banks by Chancellor of the Exchequer Alistair Darling, President Bush has followed suit, declaring: "This is an essential short term measure to ensure the viability of America's banking system."

Mr Bush stated the move would ensure US banking stability and would help preserve free markets, while US federal authorities, 'will also temporarily insure most new debt issued by banks', according to the BBC News website.

Read more here

US unveils $250bn banking rescue