US ‘aggressively’ pushing others to bail out banks: Paulson

WASHINGTON, September 21, 2008 (AFP) – The United States is “aggressively” pushing other countries to forge bailouts for their financial institutions similar to the unprecedented 700-billion-dollar rescue it is planning for Wall Street, US Treasury Secretary Henry Paulson said Sunday.

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Paulson said the Treasury’s proposal to Congress for authority to spend 700 billion dollars to buy toxic mortgage-related assets from financial institutions could serve as a blueprint for foreign authorities.

“We have a global financial system and we are talking very aggressively with other countries around the world and encouraging them to do similar things and I believe a number of them will,” Paulson said on ABC’s This Week program.

Paulson did not provide further details, but US financial authorities have been working closely with their counterparts in Europe and Japan over the past 10 days to prevent a collapse of the interwoven global financial system.

British Prime Minister Gordon Brown said on Friday that his government would “do everything in our power to ensure the stability of the (financial) system.”

Britain’s Financial Services A