Monday, February 2, 2009
European central banks are at risk of defaulting on their currency swaps with the U.S. Federal Reser
Europe's Growing Crisis Puts the Fed at Risk
TO AID THEIR AILING COMMERCIAL banks, central banks in Europe have relied on huge currency swaps, borrowing nearly $400 billion from the U.S. Federal Reserve. But as European commercial banks and European currencies deteriorate, repaying all that money to the Fed is becoming ever more difficult.
Posted by chris @ 01:28 AM (429 views)
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