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RELIGION, CURRENT EVENTS, TECHNOLOGY Subscribe to the breaking newsWhat is RSS?
FRONT PAGE  |  7/31/2014
FRIDAY, DEC 2, 2011  |  2 comments  |  1 commentary
Fed saves Europe's banks as ECB stands pat

The interwoven banking and sovereign debt crisis in the eurozone has become so dangerous for the world that the US Federal Reserve has been forced to take emergency action, acting as global lender of last resort to shore up Europe's banking system.

That it should have to do so as Germany and the European Central Bank hold back for legal reasons and refuse to commit decisive power adds a strange diplomatic twist.

The move came once it was clear that Europe's prostrate banks would struggle to roll over $2 trillion (£1.3 trillion) of debts denominated in dollars. Data from ratings agency Fitch shows that US money markets have slashed funding for French banks by 69pc and German banks by 50pc. ...


CLICK HERE to Read Entire Article
www.telegraph.co.uk

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Waiting Upon God For Salvation • 70+
Oliver Baker | Woolwich Evangelical Church
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News Item12/3/11 1:17 AM
R.gr | australia  Find all comments by R.gr
wow that will make it easyer for them to implode the american people with the greatest depression known to man! Get your and mine house in order
2

News Item12/2/11 12:29 PM
broke again  Find all comments by broke again
"But the central banks may also have been worried that eurozone politicians will fail to deliver much at their December summit, so they need a mechanism in place to cope with the fall-out.""

It appears that the "union" part of the EU isn't working. Countries might be happy with Brussels legislation running their governments, but cry out just don't touch our money!!!

1
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