Monday, 6 October 2008

Disseminating like a disease!

The treasurer of Massachusetts has asked the federal government about lending Massachusetts money under the same favourable terms it has given banks and firms during current financial crisis.
Treasurer Timothy Cahill's requests to the U.S. Treasury and Federal Reserve Bank of Boston this week were prompted by the state's inability to borrow from the short-term debt markets, The Boston Globe reported Saturday. The financial turmoil has caused credit markets to stop lending, or to charge prohibitive rates. As reported in an earlier post, California has made a similar request, saying it would run out of money by the end of the month if the short-term debt markets do not ease. The state has asked whether it could not also obtain loans from the Fed.

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