< pan class="green">Obama unveils £345bn package to buy toxic assets
The US yesterday launched a fresh bid to beat the recession - a £345billion buy-out of 'toxic' assets to help banks balance their books. President Barack Obama said he was 'very confident' the rescue package - which could rise to £690billion - would pull America out of its worst banking crisis in 70 years.
Toxic mortgages and securities which cripple banks because they cannot be sold or valued will be bought by the government and private investors using low interest loans. 'The good news is that we have one more critical element in our recovery', said Mr Obama.
The announcement was met by a huge rally on Wall Street. The Dow Jones index rose 6.84% - almost 500 points - its fifth biggest saily rise ever to close at 7775.9. 
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