viernes, 16 de septiembre de 2011

Central banks pull together: the good news and the bad

Markets climbed on yesterday's announcement that five central banks will lend dollars for three months at fixed rates through the end of the year. The facilities ease the immediate liquidity problems some European banks face but the underlying message is not so positive. It underscores that the measures taken by the European Union and the IMF to date have NOT contained the crisis, which is fast engulfing the banking system. 

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