Central banks' to pump $247 bln to soothe markets

[Ichingcarpenter]

Central banks around the world are pumping billions of dollars into money markets in a coordinated bid to ease the worst crisis facing financial markets since the 1920s.(UPDATED)

The package of up to $247 billion comes from the U.S. Federal Reserve, the European Central Bank, the Swiss National Bank, the Bank of England, the Bank of Canada and the Bank of Japan.

The injection of cash, which amounts to an expansion of up to $180 billion in available funds, is an effort to fuel economic activity.

The Fed increased the amount of dollars that the ECB, BOJ and other counterparts can offer from $67 billion "to address the continued elevated pressures in U.S. dollar short-term funding markets."

Under the plan, the European Central Bank will inject up to $110 billion, the Swiss National Bank up to $27 billion, the Bank of Japan up to $60 billion, the Bank of England up to $40 billion and the Bank of Canada up to $10 billion.

"We're very grateful that the rescue package has been put on the table, because frankly the world's inter-bank markets are just simply not working in the manner that they should do," David Buik of the BGC Partners brokerage firm in London, told CNN.
http://www.hurriyet.com.tr/english/finance/9927271.asp?gid=244&sz=25893

[tekisui]

1. A quarter of a TRILLION new dollars.

Nah, nothing to worry about. Everything if fine.:eyes:

[Ichingcarpenter]

2. Pay attention! This is throwing good money after bad

It doesn't solve the problem but puts a band-aide on the hand wound
when it needs a tourniquet on the arm that is suffering from gangrene. This amount of money will help the
market today, but doesn't solve the problem.