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Record Rate Cuts and Economic Props Light up Europe
A spree of economic props dominoed across Europe today (Thursday) all sharing the same theme – stopping the global financial crisis from getting worse.
The European Central Bank took a drastic step to protect the Eurozone economy from shrinking further by lowering its benchmark interest rate by three-quarters of a percentage point to 2.5%.
As ECB President Jean-Claude Trichet announced the largest cut in the Eurozone’s 10-year history, he said that the region is bracing for negative growth next year.
"Global and euro-area demand are likely to be dampened for a protracted period of time," Trichet said at a press…
5Dec2008 | Money Morning | 0 comments | Continued
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