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Saturday, October 11, 2008

UK Bailout: Details to be released at 7 AM Monday (London Time)

by Calculated Risk on 10/11/2008 06:42:00 PM

The bailout is to be announced Monday at 7 AM London Time (2 AM ET Monday AM).

The London stock market might be closed.

Current London Time:

From the WSJ: U.K. Banks to Announce Bailout Details

Some of the U.K.'s largest banks are expected to detail early Monday their participation in a bailout plan that could force the departure of some of their top executives, according to people familiar with the situation.

The announcement, aimed for about 7 a.m., is expected to include details on how much will be raised from the government and private investors.
One plan under consideration is to shutter London stock trading to allow investors to digest the news. That plan hasn't been finalized ...
The Times also mentions the possible market shutdown:
The scale of the fundraising could lead to trading at the London stock market being suspended. This would be to give time for the market to digest the scale of the information and its impact.