Federal Reserve Opens Credit Line to EuropeSubmitted by ZeroFiction on Sun, 05/09/2010 - 22:31
WASHINGTON – The Federal Reserve on Sunday opened a program to ship U.S. dollars to Europe in a move to head off a broader financial crisis on the continent.
Other central banks, including the Bank of Canada, the Bank of England, the European Central Bank and the Swiss National Bank, are also involved in the effort.
The action reopens a program put in place during the 2008 global financial crisis. Under the program, dollars are shipped overseas through the foreign central banks. In turn, these central banks can lend the dollars out to banks in their home countries that are in need of dollar funding to prevent the European crisis from spreading further
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