PARIS ? The European Central Bank announced Wednesday that it is loaning about $640�billion to European banks for an unusual three-year term as part of its effort to free up credit tightened by the euro zone?s government debt crisis.
Statistics released by the Frankfurt-based ECB showed that 523 banks signed up for the loans, the largest infusion of cash since the euro became the common currency of a number of European nations in 1999. In all, 17 nations have adopted the currency, which was seen at its inception as a boost to economic stability but has in recent months come under withering and perhaps fatal attack.
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