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ECB releases €95 billion to fend off credit crunch

The European Central Bank (ECB) has poured around €95 billion into the eurozone banking system to calm market jitters following a credit crunch in the US market over high-risk mortgages.

For Thursday only, the the ECB opened its funds to banks in the 13-nation eurozone at a rate of 4 percent.

According to a report in Forbes news agency, some 49 banks took up the offer to various amounts, running in total to €94.8 billion - it is the biggest loan in the bank's history.

"The E...

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