ECB to pump 50 billion euros into money markets
FRANKFURT (AFP) — The European Central Bank said on Tuesday it would offer 50 billion euros (77.5 billion dollars) to banks in an exceptional refinancing operation.
The Frankfurt-based bank had said Monday it was ready to add liquidity to eurozone money markets amid signs of tension associated with a shortage of cash.
It called for tenders for the long-term 91-day loans and said it would announce its allotment decision on Wednesday.
The move is one of a series of operations by central banks to stimulate inter-bank lending in the wake of the subprime crisis and the ensuing credit crunch.
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