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Brown set for talks with US big hitters

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Date: Wednesday 16 Apr 2008

LONDON (ShareCast) - Gordon Brown will today try and convince top Wall Street bankers to reveal the size of their losses in an effort to bring about a quick end to the current credit crisis.

The Prime Minister’s three-day trip to the US began with breakfast at the United Nations with secretary-general Ban Ki-moon.

He is expected to call on banking sector bosses to come clean about bad debts in an attempt to boost confidence and encourage banks to resume lending to each other again.

At yesterday’s meeting with UK bankers, Brown issued a warning about the lack of liquidity, but is said to be close to agreeing measures to help the UK mortgage market.

Reports suggest a scheme could be set up that will allow lenders to swap mortgage-backed securities for short-dated government bonds.

Later in the week, he will meet President Bush and Federal Reserve chairman Ben Bernanke to discuss the current market turmoil.

Talks with presidential hopefuls Barack Obama, Hillary Clinton and John McCain are also on the agenda as Brown seeks to maintain good relations with the US.

Chancellor Alistair Darling is due to hold talks with mortgage lenders next week.