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Tuesday, August 14, 2007

Worst of U.S. Home-Loan Crisis May Be Over

August 13 2007
Japan's Finance Minister Koji Omi said the worst of the U.S. housing loan crisis may be over, thanks to steps taken by the world's largest central banks. Central banks injected $290 billion into money markets last week as concern that U.S. subprime mortgage losses will curtail lending drove up short-term borrowing costs. The Bank of Japan and U.S. Federal Reserve have since resumed regular refinancing operations. European Central Bank President Jean-Claude Trichet said yesterday financial markets are going back to normal.


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