World's central banks join forces | Bangkok Post: breakingnews

Leading central banks leapt into action Thursday to inject dollars into banks threatened by the eurozone's debt mountain as EU finance ministers gathered for key talks to resolve the crisis.

EU commissioner for Economic and Monetary Affairs Olli Rehn has said eurozone economy was set to come to a "virtual standstill" in the second half of the year, but he assured that Europe would avoid another recession.

In Frankfurt, the European Central Bank, along with its US, Japanese, Swiss and British counterparts, announced they would act in concert to inject extra dollar liquidity into banks facing a shortage of the US currency.