CNN: Fed and other central banks try to head off crisis by keeping dollars flowing
The US Federal Reserve and several other major central banks announced a coordinated effort Sunday night to boost the flow of US dollars through the global financial system with the aim of keeping credit flowing to households and businesses.
“The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank are today announcing a coordinated action to enhance the provision of liquidity via the standing US dollar liquidity swap line arrangements,” the central banks said in a joint statement.
Sunday’s statement came just hours after Swiss authorities orchestrated an emergency takeover of Credit Suisse by UBS. Credit Suisse — one of the 30 most important banks in the global financial system — was bleeding money last week after investor and customer confidence collapsed.
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Update #1: Central banks try to calm markets after UBS deal to buy Credit Suisse (Reuters)
Update #2: Fed Panics, Announces "Coordinated" Daily US Dollar Swap Lines To Ease Banking Crisis (Zero Hedge)
WNU editor: When “The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank are forced to put out an announcement on a Sunday to calm markets, that is when you know that we are in the middle of a global banking crisis.
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