ECB: corporate credit weakening
Corporate credit is significantly weakening, said Jean-Claude Trichet and Lucas Papademos, the president and the vice president of the European Central Bank (ECB).
Trichet and Papademos said that outstanding loans to non-financial corporations contracted for the first time in December since the onset of the financial turmoil. However, they also said that ECB's rate cuts in the last quarter of 2008 had been passed through to lower bank lending rates, which should ease financing costs for companies
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