Federal Reserve opened program to ship U.S. dollars to Europe - WKOW 27: Madison, WI Breaking News, Weather and Sports

Federal Reserve opened program to ship U.S. dollars to Europe

Posted:

WASHINGTON (AP) -- The Federal Reserve has opened a program to ship U.S. dollars to Europe in a move to head off a broader financial crisis on the continent.

Other central banks are also involved. The Fed says the action is being taken in "response to the reemergence of strains" in European financial markets.

The spreading debt crisis there has pushed up demand for the U.S. dollar.

*******

BRUSSELS (AP) -- European finance ministers have agreed on a European Union and International Monetary Fund safety net of more than $900 billion dollars for troubled euro zone countries.

The EU's monetary affairs commissioner says the deal "proves that we shall defend the euro whatever it takes."

Powered by Frankly