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European Central Bank Injects Another $83.9 Billion Into Banking System As US Credit Woes Slam Markets Worldwide

AP   |  Matt Moore   |   August 10, 2007 08:52 AM

Read More: United States , Breaking Business News
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The European Central Bank injected another euro61 billion ($83.8 billion) into the banking system Friday, keeping up its efforts to soothe credit markets amid signs that problems that began with U.S. subprime mortgages were digging deeper into the world economy.

But stock markets did not seem appeased, with major indexes plunging in London, Frankfurt, Paris and Tokyo.

The latest move by the ECB, which had provided euro95 billion ($130.7 billion) in funds to banks on Thursday, came after Japan's central bank injected 1 trillion yen ($8.4 billion) into money markets and the U.S. added $24 billion on Thursday.

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