The current crisis is global and originates in the developed world. Governments around the world are taking unprecedented action to avert the collapse of the financial system. Much of the focus to date has been on stabilizing financial markets, restoring credit liquidity and reactivating the economy. In a number of developed and emerging economies, financial rescue measures have been complemented with the announcement of aggressive fiscal measures in the form of lower taxes and higher government spending. The amount of the fiscal packages is often without precedent.