European Union Agrees to Euro150 Billion for IMF
The members of the European Monetary Union have agreed to a bilateral loan program that will provide euro150 billion to the International Monetary Fund in an effort to halt the sovereign debt crisis in Europe. Some members of the EU…
There was no indication that the US Federal Reserve Bank would do more than offer to extend liquidity swaps to the Eurozone’s central banks. The currency swaps allow foreign central banks to borrow dollars and then allow local commercial banks to purchase dollars at auction while giving the Fed foreign currency (euros in this case) as collateral.
Contact [email protected] for any questions or corrections.
Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
