Free Republic

Germany, Italy, Hungary, and Cyprus are blocking Russia's disconnection from the international interbank system SWIFT as CNN reported. “Removing Russia from SWIFT would make it almost impossible for financial institutions to send money in or out of the country. This would seriously impact Russian businesses with foreign customers and could do real damage to the country's economy,” the message says. At the same time, high-ranking EU sources report that there is a split in the union amid the adoption of the issue. It is noted that such countries as Germany, Italy, Hungary, and Cyprus are against disconnecting Russia from the...

NEW YORK (Reuters) – Interbank lending emerged from deep freeze and Fed chairman Ben Bernanke gave his blessing to a second U.S. government stimulus package on Monday, providing hope the world's financial crisis may be easing. The three-month Libor rate fell more than one-third of a percentage point, its biggest one-day drop in nine months in one sign that banks may have the confidence to lend to each other again, crucial to reactivating the world economy. The chairman of the U.S. Federal Reserve told Congress on Monday that another wave of government spending may be needed as the economy limps...