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Europe to guarantee new bank refinancing: draft agreement (AFP)
2008.10.1312 minutes ago
PARIS (AFP) - Fifteen EU countries meeting in Paris will guarantee new medium-term loans between private banks in a bid to end the credit crunch, according to a draft statement seen by AFP on Sunday.
This offer would stand for an "interim period" and would see governments underwriting new loans of up to five years "on appropriate commercial terms" by a variety of means, including issuing securities, the statement said.
In terms that were still under discussion by the leaders of the 15 members of the eurozone single currency bloc, the draft agreement said: "We confirm today our commitment to act together in a decisive and comprehensive way in order to restore confidence and proper functioning of the financial system.
"Government would make available for an interim period and on appropriate commercial terms, directly or indirectly, a government guarantee, insurance, direct purchase or other similar arrangements -- notably an exchange of ineligible collateral with government securities -- of new medium term (up to five years) senior debt issuance," the draft agreement said.
"Depending on domestic market conditions in each country, actions could be targeted at some specific and relevant type of debt issuance," it added.
"In all cases, these actions will be designed in order to avoid any distortion in the level playing field and possible abuse at the expense of non beneficiaries of these arrangements," it explained.
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