By Xinhua,
Canberra : Australian Prime Minister Kevin Rudd said on Monday the 700 billion U.S. dollars (845 billion Aust dollars) financial market bailout plan should be supported to stabilize the world’s largest economy.
U.S. legislators finally struck a deal over the weekend for the bailout proposal for the U.S. financial system to avert the worst financial crisis since the Great Depression of the 1930s.
Rudd told reporters in Newcastle, New South Wales that “this is the right measure for the Americans to be introducing right now to stabilize, frankly, the cornerstone of global financial markets, which is the U.S. financial market.”
“It’s the right course of action, and I would support the (U.S.) administration in doing this. When I was in the United States I called upon both Democrats and Republicans to support it,” Australian Associated Press quoted Rudd as saying.
Rudd reiterated that while Australia was well positioned to handle the challenges of the global financial crisis, it was not immune from the fallout and that was why this bailout should be supported.