Even The Rich Is Not Spared

Posted by Kris | Sunday, October 26, 2008 | | 0 comments »

Kuwait moves to prop up major bank after losses
Sunday October 26, 11:20 am ET 
By Diana Elias, Associated Press Writer

Kuwait moves to prop up major bank, eyes deposit guarantee as financial meltdown reaches Gulf

KUWAIT CITY (AP) -- Kuwait's Central Bank stepped in Sunday to prop up one of the country's biggest banks and said it was considering guaranteeing deposits in domestic banks -- in one of the first concrete signs that the global financial crisis may next hit the oil-rich Gulf.