Lending between banks still frozen after Washington meetings

10/13/2008 | NYTimes.com

The interbank-lending market remains paralyzed after a series of weekend meetings in Washington during which the world's major central bankers and finance ministers gathered to find ways to bring the credit crisis under control. European leaders promised Sunday to guarantee loans to banks, which stopped lending to one another after Lehman Bros. collapsed. But the Europeans left it to each nation to say how this would work, while Australia announced action to free up lending between banks. The U.S. remained tight-lipped on the subject.

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