Posted on 09/15/2011 8:58:38 AM PDT by PieterCasparzen
The eurozone's runaway debt crisis is dragging down growth, the EU warned on Thursday as finance ministers headed to key talks and central banks rode to rescue of the cash-starved lenders.
The European Central Bank, along with its US, Japanese, Swiss and British counterparts, announced they would inject extra dollar liquidity into banks facing a shortage of the US currency.
European bank shares have plunged over the past weeks as their usual sources of dollars have dried up on concerns they might be hit by a Greek debt default, and the announcement sparked a strong bank and general stocks rally.
The ECB said the central banks will "conduct three US dollar liquidity-providing operations with a maturity of approximately three months covering the end of the year."
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(Excerpt) Read more at france24.com ...
Our illustrious government / fed is starting a european bailout ?
BTTT!
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