Central banks cut European rates

Toronto News.Net
Thursday 4th December, 2008

Interest rates have been slashed by some Central banks in Europe.

The banks are attempting to contain the global economic slump that appears to be spreading fast in European industrialized economies.

Analysts expect a 50 basis point reduction from the European Central Bank and twice as much from the Bank of England and Sweden's Riksbank.

The cuts should take the euro zone's interest rates to 2.75 percent, Sweden's to 3.75 percent and Britain's to 2 percent.

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