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FT.com: Bank shares plummet in Europe (September 15 2008)

The European Central Bank announced emergency steps to counter is financial turmoil in the wake of the crisis in the US banking system. It announced a special operation offering unlimited overnight liquidity to markets.

Earlier, using language similar to that it has used previously used to signal possible intervention in financial markets, the Frankfurt-based institution said it "continues to closely monitor the conditions in the euro area money market".

...

The Federal Reserve agreed to take equities as collateral for emergency loans for the first time ever, as the chances of a rate cut at its scheduled meeting this week grew according to interest rate futures trading.



A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith
by Migeru (migeru at eurotrib dot com) on Mon Sep 15th, 2008 at 06:10:17 AM EST

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