City sceptical on market cash injection
Economists have warned that yesterday’s massive cash boost to the money markets by central banks might not stop the credit crunch becoming more entrenched.
Leading central banks swept into the markets, pledging to pump hundreds of billions of dollars into the disintegrating financial system. Stock markets rallied after the US Federal Reserve, the European Central Bank and the Bank of England joined forces to ease the liquidity crisis afflicting the global banking system.
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