Gordon Brown Accepts World Support
Five Central Banks have joined forces in a bid to ease the squeeze on the financial markets resulting from the US credit crunch.
£54 billion in funding is being made available to the world money markets by central banks from around the world, including the Bank of England and the US Federal Reserve.
Mr Brown has said that the world’s financial markets should cooperate to stave off market tension. "The cooperative effort I've wanted to see for some time. It signals an international desire to act in what has been a period of global financial turbulence." Mr Brown added that the move would assist “staving off recession”.
The Federal Reserve and the Bank of England are to team up with the European (ECB), Canadian, and Swiss Central Banks, who will offer cash in the form of loans available through auctions. Analysts believe that this action is a sure sign that the market has taken a big hit.
Peter Dunay, Chief Strategist at investment bank Leeb Capital Management in New York commented, "Ideally, what we are looking for is the financial institutions to have written off their problems, built up confidence and be willing to lend to each other. Right now, they do not want to lend - they do not want to lend to the public, they do not want to lend to each other.”
James Gonzalez, Market Analyst at Obelisk comments, “However, the five most powerful central banks all making a concerted effort to act together should halt any fears of a recession, in the effected markets.”
“The ECB’s consumer borrowing figures have already confirmed there has been no downturn in lending within the Eurozone, growth of which has held steady after the US sub-prime news. This leads many analysts to believe that problems may be largely overstated and should indeed settle in due course.”
For more information on overseas property investment, and to find out about Obelisk’s latest projects, contact Obelisk free on:
0808 160 0670 (UK) or 1800 932 514 (IRE)
Email info@obeliskinternational.com
Visit our website: http://www.obeliskinternational.com/
Press Office: Tel: 0808 160 1005 or email: press@obeliskinternational.com
£54 billion in funding is being made available to the world money markets by central banks from around the world, including the Bank of England and the US Federal Reserve.
Mr Brown has said that the world’s financial markets should cooperate to stave off market tension. "The cooperative effort I've wanted to see for some time. It signals an international desire to act in what has been a period of global financial turbulence." Mr Brown added that the move would assist “staving off recession”.
The Federal Reserve and the Bank of England are to team up with the European (ECB), Canadian, and Swiss Central Banks, who will offer cash in the form of loans available through auctions. Analysts believe that this action is a sure sign that the market has taken a big hit.
Peter Dunay, Chief Strategist at investment bank Leeb Capital Management in New York commented, "Ideally, what we are looking for is the financial institutions to have written off their problems, built up confidence and be willing to lend to each other. Right now, they do not want to lend - they do not want to lend to the public, they do not want to lend to each other.”
James Gonzalez, Market Analyst at Obelisk comments, “However, the five most powerful central banks all making a concerted effort to act together should halt any fears of a recession, in the effected markets.”
“The ECB’s consumer borrowing figures have already confirmed there has been no downturn in lending within the Eurozone, growth of which has held steady after the US sub-prime news. This leads many analysts to believe that problems may be largely overstated and should indeed settle in due course.”
For more information on overseas property investment, and to find out about Obelisk’s latest projects, contact Obelisk free on:
0808 160 0670 (UK) or 1800 932 514 (IRE)
Email info@obeliskinternational.com
Visit our website: http://www.obeliskinternational.com/
Press Office: Tel: 0808 160 1005 or email: press@obeliskinternational.com
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