ECB intervenes in money markets

The European Central Bank (ECB) injected tens of billions into the money markets on Thursday amid growing concerns over illiquidity.

The ECB lent €94.8 billion ($129.8 billion) to ensure orderly conditions in the euro money market, saying that it intended "to allot 100% of the bids it receives" for short term cash to shore up liquidity.

The ECB's actions followed a jump in the eurozone's overnight borrowing rate to 4.7%, 70 basis points above the ECB's basic financing rate, after BNP Pariba

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