Central Banks Pour Money In to Avert Crisis


	Central Banks Pour Money In to Avert Crisis

abailart

12-12-2007 6:29 PM

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tags:

credit cris, global economics, economics, banking

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/02c72b30-272c-47d5-8a4a-0c831fead892/97C39773-3525-409B-B9A4-DFAC09085EBC/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://news.bbc.co.uk/1/hi/business/7140771.stm" href="http://news.bbc.co.uk/1/hi/business/7140771.stm" style="font-size: 11px;">news.bbc.co.uk</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://news.bbc.co.uk/1/hi/business/7140771.stm"><FONT size="2"><B>The Federal Reserve, European Central Bank and central banks from the UK, Canada and Switzerland are to jointly  help banks deal with the credit crunch.</B>
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<FONT size="2">They have each announced that they will provide billions in loans to banks in order to lower interest rates and ease the availability of credit.</FONT></P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://news.bbc.co.uk/1/hi/business/7140771.stm"><table background="undefined" bgcolor=""><tr><TD class="sibtbg"><DIV>
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			<IMG width="24" height="13" border="0" alt="" src="http://newsimg.bbc.co.uk/nol/shared/img/v3/start_quote_rb.gif" />
			<B>This news just goes to illustrate again how serious the illiquidity issue in money markets has become</B>
		<IMG width="23" vspace="0" height="13" border="0" align="right" alt="" src="http://newsimg.bbc.co.uk/nol/shared/img/v3/end_quote_rb.gif" /><BR clear="all" />	</DIV>
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	<DIV>Ian Kernohan, Economist, RLAM</DIV>
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</TD></tr></table></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://news.bbc.co.uk/1/hi/business/7140771.stm">There has been concern that the tightening credit conditions could push the US economy into recession, and cut world economic growth.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://news.bbc.co.uk/1/hi/business/7140771.stm"><P><FONT size="2">The move means that central banks will help each other out in providing as much liquidity (cash) as they judge necessary to revive the inter-bank market.
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<FONT size="2">"The Fed in conjunction with these other central banks is providing a ton of liquidity to the markets by year-end," said Greg Salvaggio at Tempus Consulting.</FONT></P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://news.bbc.co.uk/1/hi/business/7140771.stm">But others warned that the move was also a sign of just how serious the crisis had become</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/97C39773-3525-409B-B9A4-DFAC09085EBC/blog/" title="blog or email this clip"><img src="http://content9.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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