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General Motors, the once-upon-a-time largest US automaker is finally coming to terms with the bankruptcy scenarios that have been around for the past year or so.

Today sees the release of economic sentiment in Germany and the Eurozone along with the release of UK inflation data that should once again indicate a sharp fall due to the weakening economy.

In the UK, a full-blown recession is now unfolding: export growth set to collapse, credit crisis to hit investment, but consumption benefiting from lower oil prices.

Ford Motor Co., General Motors Corp., and Chrysler LLC are all queuing up for cash as sales demand has dropped to record lows amid the global recession.

The US government is pumping liquidity into its banks in return of a stake. Treasury Secretary Paulson announced plans of using $250 billion taxpayer’s money to make investments in nine banks, for a start.

Lehman Brothers Holdings Inc., the largest underwriter of mortgage-backed bonds is eliminating 5% of its total employees.