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Five central banks plan to pump U.S. dollars into European banks
The Federal Reserve and four other central banks moved to inject billions of U.S. dollars into Europe's troubled banking system, giving a dose of confidence to investors who have grown worried about the ripple effects of the Greek debt crisis. The coordinated action is intended to give large European banks ample access to dollars, thus heading off the risk of a lending crunch that could gum up the credit markets and worsen the global economy. European banks, particularly in France, have had trouble raising dollars from U.S. investors and financial institutions, which are scared off by the Europeans' heavy exposure to ... (full story)
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