Friday, September 5, 2008
The merry-go-round slows as the ECB becomes the first to consider wielding the axe
It is now becoming public knowledge that the ECB is supporting banks and keeping them afloat, thanks to the ECB saying they are going to tighten their regulations on borrowing. People realise that perhaps the BoE will do the same, and everyone will realise that UK banks are borrowing off them to the tune of £200 billion. FTSE starts to crash, 4% yesterday and today already.... is this the next leg down?