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UK Fails to Sell Its Top Bonds

Auction of government debt falls short, casts doubt on Brown's call for 2nd stimulus
By Jason Farago,  Newser Staff
Posted Mar 26, 2009 6:00 AM CDT

(Newser) – Britain's central bank yesterday failed to complete its auction of government bonds for the first time in over a decade, reports the Telegraph. The auction of 40-year gilts fell short a day after the Bank of England governor warned that the country could not afford a second fiscal stimulus, as proposed by Gordon Brown. But doomsayers were proved wrong this morning when another gilt sale was three times oversubscribed.
(Read more Gordon Brown stories.)

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