Euro and stocks up on ECB action

Wednesday, 21 December 2011 03:03

The European Central Bank is offering in a three year loan of about 489 billion euro to 523 banks across the euro zone.

The funding operation is the first one taken by ECB in order to increase the liquidity and entreat banks to buy government debts in euro zone.

The loan is given at an average interest rate of 1%.

European markets almost immediately rose after ECB statement.
Euro also benefited, gaining against U.S. dollar.