Fed plows $30 billion in money markets overseas
Wednesday September 24, 1:42 am ET 
By Jeannine Aversa, Economics Writer 



Federal Reserve plows $30 billion into money markets overseas to ease credit 
stresses 

WASHINGTON (AP) -- The Federal Reserve, in coordinated action with foreign 
central banks, plowed $30 billion into money markets overseas Wednesday, part 
of an ongoing effort to fight a global credit crisis. 
The Fed's action -- taken at 1 a.m. EDT -- sets up temporary "swap" 
arrangements to supply dollars to the central banks of Australia, Denmark, 
Norway and Sweden in exchange for their currencies. 
"These facilities, like those already in place with other central banks, are 
designed to improve liquidity conditions in global financial markets," the Fed 
said in a brief statement. 
"Central banks continue to work together during this period of market stress 
and are prepared to take further steps as the need arises," the Fed added. 
The new swap arrangements will provide up to $10 billion each to the central 
banks of Australia and Sweden and $5 billion apiece to the central banks of 
Denmark and Norway. 
Last week, the Fed and other foreign central banks pumped as much as $180 
billion into money markets overseas. The European Central Bank, the Bank of 
Japan, the Bank of England, the Swiss National Bank and the Bank of Canada 
participated in that maneuver. 
The global credit crisis poses a danger not only to the U.S. economy but also 
the world economy. 
Finance officials from the world's major economic powers pledged this week to 
do all they can to provide relief. 
The Group of Seven countries said they welcomed the extraordinary steps by the 
United States to stem the crisis, including a plan for the Treasury Department 
to buy $700 billion in bad mortgages and other toxic assets held by banks and 
other financial institutions. Those dodgy debts are at the heart of the crisis. 
Besides the United States, the Group of Seven is made up of Japan, Germany, 
France, Britain, Italy and Canada. 
 
http://biz.yahoo.com/ap/080924/fed_credit_crisis.html?printer=1
--~--~---------~--~----~------------~-------~--~----~
You received this message because you are a member of the "News Sarasota" 
Google group...

To read more, go to: 


http://www.newssarasota.com 
http://newssarasotaezine.talkspot.com 


To hear more, go to: 


http://thecaptainsamerica.podomatic.com 


Enjoy the priviledge you now share with others who want to know what others 
don't...

Thanks, 

Matt Bruce
Managing Editor
News Sarasota.com
Retired 25 Year Fire-Rescue Captain
Host Of:
"The Captain's AMERICA" Show
Heard From 12 noon to 1 PM ET Monday Thru Friday
LIVE On Net Talk World.com
Across America & Around The Globe At The Speed Of The Internet...
Weekend's Overnight on The Accent Radio Network...
Check Out:
http://thecaptainsamerica.com
http://www.nettalkworld.com

For more options, visit this group at 
http://groups.google.com/group/News-Sarasota...

To post to this group, send email to [EMAIL PROTECTED]

To unsubscribe from this group, send email to [EMAIL PROTECTED]
-~----------~----~----~----~------~----~------~--~---

Reply via email to