Buffeted by the international financial turmoil, Brazil, having doubled interest rates to bolster its overvalued currency, turned to long-term reforms to cut its budget deficit.

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Ireland's banking sector has been badly hit by the international financial turmoil, the collapse of a domestic property bubble and a deep recession in the former "Celtic Tiger" economy.

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Tom Buffenbarger, president of the International Association of Machinists and Aerospace Workers, said that given the financial turmoil, it was "remarkable" that the 3, 000 current and laid-off workers represented by the union will still have retirement benefits.

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"Considering that the financial and currency turmoil in Asia has world-wide roots as well as global consequences, shared international responsibility in restoring economic stability in Asia must be recognized, " said the Philippine foreign minister.

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