U.S. banking giant suddenly closes 5 funds in euro
By: WSI Published July 6 2012
A direct consequence of the decision of the Central Bank to cut deposit rates to zero. The order left New York, regards capital invested in euro. All the details.
New York – It ‘s not true that the decision of Mario Draghi, ECB president, announced yesterday, the EU cut interest rates to 0.75% (low for the eurozone) has no effect on the markets. It has immediate, and not exactly unnoticed effects. In fact, ‘the sensational news that one of the largest global banks headquartered in the United States, turned immediately to prevent further damage to a profitability ‘planned “zero” of capital invested in euro. The road ‘that already’ beaten with controversial results from the Fed, the U.S. Central Bank led by Ben Bernanke, to stimulate the American economy.