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Central banks work together to combat debt crisis

By Laurie Bennett

November 30, 2011 at 9:57am

The Federal Reserve and other major central banks took coordinated action Wednesday to make more dollars available outside the U.S.

They cut the cost to foreign banks wanting to borrow dollars from their central banks, which get the dollars from the Fed.

The move was designed to ease pressures on financial markets caused by the European debt crisis.

In a prepared statement, the Fed announced that it was working with the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank and the Swiss National Bank to boost liquidity in the global economy.

The Fed said banks are also prepared to lower the cost of other currencies, but the greatest demand is for dollars.

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