SNAPSHOT - Financial Crisis - 2215 GMT

NEWS

- Obama admin offers raft of incentives for private investors
to help rid banks of up to $1 trillion in toxic assets

- Millions of people will be pushed back into poverty as econ
crisis spreads to developing countries, IMF chief warns

- Trade volumes will fall 9 percent this year, strongest
contraction since World War Two, as demand collapses, WTO says

- China promises to keep buying U.S. government debt and
offers to help fund IMF bailouts for stricken countries

- Sales of previously owned U.S. homes rise at fastest pace in
nearly six years in Feb, offering some hope to the economy

MARKETS

- US stocks surge around 7 pct after Obama admin details plan
to purge bad assets from bank balance sheets. Dow up 497.48 pnts

- European shares rise to highest close in more than a month.
Nikkei up 3.4 percent, highest close in seven weeks

- Dollar, yen fall as investors reduce safe-haven bids after
U.S. unveils to unlock toxic assets from banks' balance sheets

- Oil prices at highest level in nearly 3 mos, U.S. asset plan
triggers stock rally and brightens outlook for energy demand

- U.S. Treasuries fall after stocks higher on news of a govt
plan to purge banking sector of bad assets

QUOTES

"The great risk that we face now is that after a long period
of irresponsibility and excessive risk-taking, that the system
will not take enough risk now." - U.S. Treasury Secretary Timothy
Geithner.

"The plan seems to offer little incentive for private
investors to participate unless the subsidy is made so rich that
it comes at the expense of the taxpayer." - Representative Eric
Cantor of Virginia, a member of the House of Representatives
Republican leadership.

"Even for a bear market rally this is explosive, and frankly
it's jaw-dropping. - Peter Kenny, managing director at Knight
Equity Markets in Jersey City, New Jersey.

"Bluntly the situation is dire. All this will affect
dramatically unemployment and beyond unemployment. For many
countries it will be at the roots of social unrest, some threat to
democracy, and maybe for some cases it can also end in war." - IMF
Managing Director Dominique Strauss-Kahn.

"Investing in American Treasuries, as an important part of our
foreign exchange reserve management, will continue." - Hu
Xiaolian, a vice governor of the People's Bank of China.

DIARY

(all times GMT)

TUESDAY, March 24

WASHINGTON - Obama holds televised news conference at 8 p.m.
EDT (0000 GMT).

WASHINGTON - US House Financial Services Committee holds a
hearing with Geithner and Bernanke testifying about AIG's payment
of retention bonuses.

WASHINGTON - US House Financial Services Committee to consider
legislation to prohibit bonus payments by companies who have
received government bailout funds.

TOKYO - BOJ to publish minutes of Feb. 18-19 monetary policy
meeting.
(Compiled by World Desk, Americas, +1 202 898 8457)