European markets plummet as bank taps ECB dollar swap line

- Yusuf Yassin
- 18 Aug 2011

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European equity markets fell sharply on Thursday after the European Central Bank (ECB) lent $500 million to an undisclosed bank, sparking renewed concerns about the stability of the eurozone banking sector.

Late on Wednesday, the ECB extended a seven-day loan through its US dollar swap line at an interest rate of 1.1%, the first time the facility has been accessed since February 24, 2011.

European stocks were sent tumbling on Thursday following the announcement. Italy's benchmark stock market

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