US rescues ailing Citigroup bank
The US government has announced a rescue plan for troubled banking giant Citigroup after its shares plunged by more than 60% last week.
The US Treasury is set to invest $20bn (£13.4bn) in return for preferred shares in Citigroup.
The Treasury and the Federal Deposit Insurance Corp will also guarantee up to $306bn (£205bn) of risky loans and securities on Citigroup's books.
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