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Thailand led a global charge to cut interest rates on Wednesday, with countries from Europe to New Zealand expected to follow in the next few days to fight an unrelenting financial crisis.
South Korea took steps to help local banks through a cash crunch and U.S. Treasury Secretary Hank Paulson was reportedly debating if he should ask lawmakers in Washington for the second half of a $700 billion bank rescue package.
Russian state bank VEB reportedly asked the Kremlin for a $34 billion cash injection in the latest sign that the major emerging market was also feeling the heat of a crisis that has forced the United States, Japan and Europe into recession.
Pressure for big rate cuts in Europe and Britain grew with a survey that showed the euro zone's services economy fell deeper into recession in November than first thought.

The Bank of Thailand slashed its main interest rate for the first time in 16 months to help an economy hit both by the global downturn and political unrest, cutting its main interest rate by a bigger-than-expected 100 basis points to 2.75 percent.
Australia slashed rates on Tuesday and the euro zone, UK, Sweden and New Zealand all make rate decisions on Thursday.
The Markit Eurozone Purchasing Managers Index for services companies, which covers banks to bars in the euro zone, plunged to 42.5 in November from October's 45.8 level, the lowest in the survey's 10-year history.
It also showed inflationary pressures eased, making it easier for the European Central Bank to cut rates sharply.

"There is ample room for the ECB to cut rates ... We think 75 basis points will be the compromise, but we would not rule out a cut by 100 basis points," said Juergen Michels at Citi.
The equivalent survey for Britain showed its dominant services sector shrank in November at its fastest pace since the series began in 1996, boosting expectations the Bank of England will slash interest rates by a full point on Thursday.
The Federal Reserve, which is also expected to cut U.S. rates again later this month, will release its closely-watched Beige Book of economic conditions later in the day.
In Seoul, the Bank of Korea discussed buying more bonds off banks and easing rules on how much cash they must keep in reserve.

South Korea's banks have been hard hit by the global crunch and concerns about the country's exposure to the crisis have forced the won down 35 percent against the dollar this year.

CHINA COOLS ON HELPING OUT

The Wall Street Journal reported U.S. Treasury Secretary Paulson might approach Congress next week to ask for the second half of a $700 billion bank rescue package.
Paulson was on his way to Beijing to talk to Chinese officials. But he may not receive big promises of further investment, especially from China's sovereign wealth fund, which expressed a lack of confidence in the U.S. regulatory situation.
Investors have looked to China for leadership because of its high growth rate and long-term economic potential but Beijing is focused on protecting its own rapidly-slowing economy.

The chairman of China Investment Corp. said the sovereign wealth fund was "not brave enough" to invest in foreign financial firms and lacked confidence in the shifting U.S. financial regulatory terrain.
"It's changing every week. How can I be confident?," CIC chairman Lou Jiwei said in Hong Kong.
In the United States, automakers prepared to plead the case to Congress that they had a viable future.
Ford Motor Co wants a $9 billion credit line. General Motors Corp asked the U.S. government to save it from failure by extending $12 billion in loans and another $6 billion in a credit line.
Politicians worry that without government aid, the companies could collapse and millions of jobs would be lost.
In Moscow, business daily Vedomosti said VEB bank, Moscow's agent in distributing some of its $200 billion crisis rescue package, has asked the government for an injection of 950 billion roubles ($34 billion).
Global stocks spluttered and euro zone government bond yields hit a three-year low as gloomy economic news highlighted the case for more aggressive interest rate cuts.

The FTSEurofirst 300 index of top European shares fell 1.5 percent in early trade with Britain's FTSE 100 index down 0.9 percent. Japan's Nikkei managed to eke out a 1.8 percent gain following a rebound on Wall Street on Tuesday.
"Markets are not focusing on any of the good news and the good news is rates are being cut, commodity prices are coming down, stimulus packages are being put together and banks are being supported. But the market's feeling very depressed," said Justin Urquhart Stewart, investment director at Seven Investment Management.
British merger partners Lloyds TSB and HBOS pledged to pass on interest rate cuts or increase lending to small businesses as pressure built on banks to boost lending.
British Prime Minister Gordon Brown will tell banks later on Wednesday to lend to credit-starved small firms and families to help them through a recession.

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