Euro Surges As Rumor That ECB Will Bail Out 1,100 European Banks Takes Hold
Euro (and the market) surging on rumors that the ECB is preparing to bail out 1,100 banks in Europe. And with that the bailout moves officially to Europe. From the dealer community:
CHATTER OF NEWS ECB LOAN FACILITY GOING AROUND
- Chatter of €600bn ECB loan facility to be announced over the weekend
- Terms mentioned are 1% for 1 year loans to cover 1,100 banks
- UNCONFIRMED - Euro is moving on this chatter
Imagine Lehman. Times 1,000. Now it gets fun.