Five international central banks have decided to provide special loans of US dollars to European banks in a bid to restore confidence in their ability to survive a Greek default.
The European Central Bank (ECB), using dollars swapped for euros from the US Federal Reserve, the Bank of England, the Bank of Japan and the Swiss National Bank will make the loans available at fixed interest rates on a three-month basis in three separate auctions, with the first auction on 12 October.
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Andrew Rettman is EUobserver's foreign editor, writing about foreign and security issues since 2005. He is Polish, but grew up in the UK, and lives in Brussels. He has also written for The Guardian, The Times of London, and Intelligence Online.