| ID | 085560 |
| Title Proper | Commonwealth update |
| Language | ENG |
| Author | Gruenbaum, Oren |
| Publication | 2008. |
| Summary / Abstract (Note) | The International Monetary Fund warned that the world financial system was on the "brink of systemic meltdown" as leading banks collapsed and shares plunged on fears of a global recession. The cost of rescue packages and guarantees rose to $2,900bn as the effects of the credit crunch spread. Central banks made unprecedented co-ordinated cuts in interest rates and the IMF created a $100bn emergency loan fund. The plans revived world stock markets, which had fallen by greater margins than in the 1929 Wall Street crash. Thabo Mbeki was ousted as South Africa's president and the ruling African National Congress split. Asif Zardari, controversial widower of Benazir Bhutto, became Pakistan's president. The 30-year rule of Asia's longest-serving leader, Maumoon Abdul Gayoom, ended in the Maldives' first democratic elections. Rupiah Banda was elected Zambia's new president |
| `In' analytical Note | Round Table Vol. 97, No. 399; Dec 2008: p871-884 |
| Journal Source | Round Table Vol. 97, No. 399; Dec 2008: p871-884 |
| Key Words | Commonwealth Nations |