Move by Central Banks Lifts Wall Street for 2nd Day |
| New York Times - Sep 16, 2011 |
Wall Street rose Friday, continuing a rally that lifted markets the previous day, when investors took comfort from efforts by the world’s leading central banks to bolster liquidity in the European banking system.
The European Central Bank and its counterparts in the United States, Britain, Japan and Switzerland opened new lines of credit to European banks, allowing them to borrow dollars for as long as three months, a period that gives them breathing space for the rest of this year.
Analysts cautioned that the step, while providing welcome relief to a range of beleaguered financial institutions, was no panacea for the underlying problem: the crippling debt levels that are weighing on several euro zone countries and threatening to push the hardest-hit among them, Greece, into default.
Read Full Article from New York Times
- Posted: 2011-09-16 12:32:11
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