Markets surge after central banks announce move to ease global credit crunch
[The Washington Post]
The world’s major central banks unveiled a new strategy Wednesday to keep Europe’s debt crisis from choking off global lending, a dramatic step that comes as the availability of credit for businesses and consumers has shown signs of freezing up.
In an action that recalls the depths of the U.S. financial crisis three years ago, when global central bankers took coordinated steps to stem a worldwide panic, the U.S. Federal Reserve and five of its sister institutions agreed to supply one another with unlimited amounts of each country’s money at a reduced cost.
Most immediately, this initiative means the European Central Bank can pump dollars into banks in the troubled euro zone at low interest rates.
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