Libor soars as debate rages over its credibility

The three-month Libor on Thursday had its largest one-day jump since the beginning of the credit crunch last summer. The increase comes as some analysts raise doubts about the credibility of the closely watched rate. Meanwhile, the British Bankers' Association is defending the measure. John Ewan, Libor director at the association, said banks are probably reviewing the information they supply, which is used to calculate the Libor.

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