6 Central Banks Act to Buy Time

Binyamin Appelbaum, New York Times
The Federal Reserve and other major central banks moved on Wednesday to help foreign banks more easily borrow and lend money, seeking to forestall a breakdown of global financial markets and giving Europe more time to wrestle with its debts. The latest round of interventions by central banks, including the expansion of an existing Fed program that lets foreign banks borrow dollars at a low interest rate, reflects growing concerns that Europe’s financial problems are hampering growth.In a sign that the fallout is increasingly global, the Chinese central bank, which has sought to slow…

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