16th September 2011
Five central banks yesterday agreed to make available an unlimited amount of dollars for use to European investment banks as concerns rose over the availability of the greenback in the Eurozone. The rising fears over many of the European banks which have considerable exposure to sovereign debt has caused many US banks to cut their dollar credit lines to institutuions based on the fear of default.
The measure yesterday reassured the market at least for now. The fact this had to be done shows there is little confidence in the market place and traders remain sat in ther trenched awating the nexts barrage of debt bombs.
Posted by Andrew Johnston
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