European Central Bank Moves to Head Off Credit Crunch

FRANKFURT — The European Central Bank moved aggressively to head off a recession and credit crunch in the euro area Thursday, cutting its benchmark interest rate for the second month in a row and radically expanding the emergency funding it provides to cash-starved banks.

The actions came just hours before European leaders were to begin their latest summit meeting on the sovereign debt crisis, which threatens to stifle economic growth far beyond Europe’s shores.  Read more

Categories: Economics, United States

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