Banks intervene to prop up credit markets
The European Central Bank mounted a second day of action to calm panicky credit markets Friday, after Asia central banks joined a global campaign by monetary authorities to inject extra cash into banking systems.
The ECB said it would add \ufffd61.05 billion ($83.61 billion) in a 3-day tender through the weekend to calm markets, saying it "aims to assure orderly conditions in the euro money market." The Swiss central bank also offered money at below-market rates.
Stock market declines have worked their way around the globe overnight, causing a second day of declines in Europe now.
Europe's central bank have made a huge injection of money to try and offset credit problems caused by the mortgage collapse in the US.
Jay
