Euro Central Bank flies in 94 Billion Helicopter for Euro

[The once and future king]

The ECB has today loaned 94 billion Euros at 4% (Cheap cheap for you) to relieve liquidity problems in Euro Cash markets caused by sub prime contagion credit crunch.

They havnt done anything on this scale since 9/11.

PANIC?!

Very very good piece in the Telegraph.

Fed joins the party.

Taken from the Telegraph article:

[ QUOTE ]
Traders speculated that the ECB may have knowledge of serious problems that have yet come to light. The markets were mystified last week when Jochen Sanio, head of Germany's financial regulator BaFin, said Germany faced the worst banking crisis since 1931 -- the year when Austria's Kredit Anstaldt famoulsy collasped, setting off a wave of bank failures across Central Europe.


[/ QUOTE ]


[X] Cross posted in BFI.

[Borodog]

Uh oh.