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European banks are being offered new loans from the European Central Bank after worry over the Eurozone crisis has failed to decline. The president of the ECB has highlighted the high level of economic insecurity as the cause for the additional loans.
The ECB has also decided to keep the interest rate of the eurozone debt fixed at 1.5% for now after increasing it from 1.25% in July in an attempt to calm the inflation in eurozone countries. It appears to have done just that, as inflation decreased from 2.7% to 2.5% in the same month. However, it is still expected to remain higher than the ideal 2% for the next few months. This is a result of the rising cost of energy and commodities.
In addition, the Bank of England has managed to keep the UK’s rates at 0.5% for two years. This is the lowest rate on record.
The worry over the eurozone’s problems continues, and now the US has decided to raise its borrowing limit to avoid default, full attention is back on the crisis. Yesterday, Spain’s interest rates rose from 4% to 4.8% on a three year loan of 2.2Bn euros. This is unsurprising given the increasing concern over Spain’s likelihood of managing its debt. It is believed that even though this is a higher interest rate it is still manageable for Madrid to pay.

About The Author

Lee Murphy

MAAT and ICPA accountant, with a passion for making accountancy and bookkeeping accessible. Other interests include cloud-based software development for web and mobile access, keeping fit, reading, and entrepreneurship.

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