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The subprime crisis has caused major headaches for some corporate treasurers. Liquidity in large swaths of the credit markets has dried up, spreads have widened and loan covenants have become stricter. Following a surfeit of liquidity for much of the decade, borrowing conditions have tightened dramatically since August last year.

The evaporation of liquidity has had a knock-on effect on the capital markets, restricting access to financing for some companies in certain regions. In Europe, for

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