Banks step in with superfund

Ten of the world's biggest banks have joined forces to create a $70 billion liquidity fund intended to mitigate the impact of the latest round of financial turmoil.

Hank Paulson, the United States Treasury Secretary, said the co-ordinated moves, announced late on Sunday night, would "be critical to facilitating liquid, smooth functioning markets and addressing potential concerns in the credit markets" and praised the financial sector for joining forces with the public sector authorities in th

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