There is always a price for promises you don't keep!
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Q&A: dollar swaps – why central banks are acting together on eurozone crisis
Why did six of the world's central banks, including the US Federal Reserve and the Bank of England, announce new co-ordinated action on Wednesday? • What are the central banks doing? They are taking action together to prevent the markets' panic about the future of the eurozone and the health of the banking sector from turning into a full-blown credit crunch, when banks refuse to lend to each other. • How will they do that? The Federal Reserve will make it cheaper for other central banks to borrow dollars; they will in turn lend those dollars on more cheaply to their own banks, cutting the interest rate on ... (full story)
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There is always a price for promises you don't keep!
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