Little Sign of Relief in Interbank Markets Despite Massive Intervention

“The fact that the boldest banking guarantee in history was not worth more . . . raised some eyebrows,” said Christoph Rieger, analyst at Dresdner Kleinwort.

As pessimistic as I am about the fruitfulness of government interventions to solve our fundamental problems, even I have been surprised at the lack of even a short-term response. -apk