A currency swap program created back in 2008 -2009 by the US Federal Reserve Bank to bail out American banks has been converted to provide much needed funds to European banks.
In spite of efforts by the Federal Reserve Bank to hide the flow of funds to Europe, 50.7 billion dollars found its way last month to undisclosed European beneficiaries.
The Fed doesn’t track where the dollars ultimately end up, and European officials don’t share borrowers’ identities outside the continent.
Read more: http://www.digitaljournal.com/article/315987#ixzz1gN1Wcs1k
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