Overnight euro Libor unaffected by news of €200 billion EU support

The European Commission (EC) unveiled a substantial aid program yesterday to provide "a timely, targeted and temporary fiscal stimulus" worth approximately 1.5% of the GDP of EU countries.

The recovery plan would provide €170 billion from the domestic budgets of member states, and around €30 billion from the union-wide budget. Heads of state will be asked to approve the plan at the European Council on December 11-12.

In the UK, overnight sterling rose to 3% from 2.99%, while no overnight dollar Li

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