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European Debt Crisis Still Threatens Global Recovery

DAVID GREENE, HOST:

NPR's business news starts with loans for European banks.

The European debt and banking crisis is still the biggest threat to the global economy, and this week, more money will go to try and ease the pain.

On Wednesday, the European Central Bank, for the second time, will offer banks an unlimited volume of three-year loans at low interest rates. The last time Europe's central bank did this, at the end of last year, banks borrowed more than $650 billion. That loan program helped stabilize markets and bought some time for Greece and its creditors to try and work things out. Transcript provided by NPR, Copyright NPR.

NPR transcripts are created on a rush deadline by an NPR contractor. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.