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Overcome the crisis,six central banks dollar loan burden barbershop world Posted: 30 Nov 2011 11:57 PM PST Six of the world's central banks, led by the Federal Reserve, lowering borrowing costs for banks that want to borrow U.S. dollars. This step is a joint effort of the world's central banks to address the debt crisis that on Europe since two years ago. The Fed said the premium cost of borrowing dollars overnight in the period of the world's central banks will drop to 50 basis points. Loans are also known as dollar swap lines will be extended for six months to 1 February 2013. Originally, these swap lines expire on August 1, 2012. The Fed did this coordination step with the European Central bank, the Central banks of Canada, Switzerland, Japan, and England. Six central banks also agreed to create a bilateral swap program, so that loans can be given in any currency. These measures succeeded in borrowing costs of European banks to borrow dollars from the lowest level in three years. As a result, investor anxiety about the crisis in Europe increasingly subsided. "The paces of the world's central banks are quite positive, but not too important. The impact of the psychological impact it is only because investors see no coordination among the world's central banks," said Michelle Girard, senior U.S. Department of RBS Securities Inc. in Connecticut.

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