By Brai Odion-Esene
WASHINGTON (MNI) – Federal Reserve Chairman Ben Bernanke Tuesday
will brief Capitol Hill policymakers on the ongoing crisis in Greece and
the broader situation in Europe, a person familiar with the meeting
confirmed to Market News International.
“This morning he’s meeting with members of the Senate Banking
Committee and some staff, and the topic is recent international
developments,” the person said.
Following the massive E720 billion support package announced by
Eurozone finance ministers Sunday, the Federal Open Market Committee
Monday has authorized re-establishment of its temporary U.S. dollar
liquidity swap arrangement with the Bank of England, the European
Central Bank, the Swiss National Bank, and the Bank of Japan.
The Fed said the swap facilities were re-opened in response to the
re-emergence of strains in short term funding markets in Europe.
They are designed to improve liquidity conditions in global money
markets and to minimize the risk that strains abroad could spread to
U.S. markets, by providing foreign central banks with the capacity to
deliver U.S. dollar funding to institutions in their jurisdictions.
** Market News International Washington Bureau: 202-371-2121 **
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