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Lehman Brothers. The dollar loans were announced on the third anniversary of the Lehman bankruptcy (Photo: sachab)

Japan, Switzerland and US take steps to protect EU banks

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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Author Bio

Andrew Rettman is EUobserver's Foreign Affairs Editor. He has been writing about foreign and security affairs for EUobserver since 2005. He is Polish but grew up in the UK. He has also written for The Guardian, The Telegraph, and The Times of London.

Lehman Brothers. The dollar loans were announced on the third anniversary of the Lehman bankruptcy (Photo: sachab)

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Author Bio

Andrew Rettman is EUobserver's Foreign Affairs Editor. He has been writing about foreign and security affairs for EUobserver since 2005. He is Polish but grew up in the UK. He has also written for The Guardian, The Telegraph, and The Times of London.

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