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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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From: John McCarthy1/18/2009 11:31:39 PM
1 Recommendation   of 116555
 
The credit crunch now threatens the sacrosanct

SEVERE EDIT

Last week however, the news that was even more alarming than the failure of the remaining large banks in the Anglo - American universe, came from Frankfurt, where the European Central Bank decided to continue a cooperation agreement with its Swiss counterpart, to support the solvency of the franc.

Last October, the ECB signed a currency swap agreement with the Swiss National Bank. The obvious purpose was to support the solvency of the Swiss Franc. The reason why the franc needed support was that the country’s banks had undertaken huge obligations in foreign currencies, which exceed the Swiss national income, probably by many times. Who knows how many? Last week this agreement was renewed and extended in volume.

neurope.eu
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