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Economy
In reply to the discussion: STOCK MARKET WATCH, Friday, December 23, 2011. [View all]Demeter
(85,373 posts)23. European Banks Rush to Grasp Lifeline
http://online.wsj.com/article/SB10001424052970204464404577111983838592746.html?mod=WSJ_hp_LEFTWhatsNewsCollection
Hundreds of euro-zone lenders took out 489.19 billion ($640 billion) in low-interest loans from the European Central Bank on Wednesday, as the currency area extended a massive financial lifeline to its struggling banking industry.
The unexpectedly heavy demand from 523 banks for the three-year loans highlighted the severity of Europe's financial crisis, while also stirring some hopes that the action could help defuse it, or at least prevent it from getting worse.
Investors didn't seem convinced that the loans would drastically improve banks' prospects. After rallying when the ECB announced plans for the program earlier this month,
Hundreds of euro-zone lenders took out 489.19 billion ($640 billion) in low-interest loans from the European Central Bank on Wednesday, as the currency area extended a massive financial lifeline to its struggling banking industry.
The unexpectedly heavy demand from 523 banks for the three-year loans highlighted the severity of Europe's financial crisis, while also stirring some hopes that the action could help defuse it, or at least prevent it from getting worse.
Investors didn't seem convinced that the loans would drastically improve banks' prospects. After rallying when the ECB announced plans for the program earlier this month,
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