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Overnight Sterling Rate Hits New High

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The cost of borrowing funds overnight in the sterling market yesterday surged to the highest level for six years – since the attack on the World Trade Center – as the problems at Northern Rock sparked a new sense of distrust in London’s interbank market.
Traders said European banks still faced problems converting euros or sterling into dollars, due to high levels of bank distrust.

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Treat your currency like confetti and use it to prop up any pig in the market at whim and this is what you will get.

There have been many previous comments on this site about a sterling crisis, it is becomming apparent that this is becoming more likely at quite a rapid pace.

What will the tripartite do then - print more monney to prop it up? :lol:

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