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ECB causes concern in international markets

The European Central Bank (ECB) was yesterday a major figure of disappointment for investors around the world after refusing to extend its special liquidity measures. These measures will expire today and many European companies are still struggling to obtain additional funding via money markets and interbank lending and had been depending upon the ECB's special liquidity program. So what next?

There is a real danger that unless companies and banks around the world are able to obtain credit at a reasonable rate that we could see Europe plunged back into recession. This would be a disaster for the ECB and place more pressure upon associations such as the International Monetary Fund and could tip economies such as Ireland, Spain and others over the edge. It is rather bizarre that the ECB, while having acknowledged that the economy in Europe is still struggling, has refused steadfastly to extend the special liquidity program in these most difficult of times.

The problem now is that investors are now concerned about whether they can depend upon the ECB in the future and indeed if the ECB is refusing to assist in the short term who will step in to fill this void?

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