ECB injects cash as liquidity dries up

The European Central Bank has loaned €94.8 billion to financial institutions in the eurozone. The move comes in the wake of a reduction in short-term liquidity being made available to the market and is the first intervention of its kind by the ECB since the September 11 terrorist attacks.

Market participants are concerned that a credit crunch is in the offing as European institutions examine their exposure to the stricken US subprime mortgage market. The rate banks lend to each other has risen to

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