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|  | | October 27, 2008 | | Denmark attempts to defend the krone against global recession | The Danish central bank was just barely granted access to a swap line from the European Central Bank. The amount is 12 billion euro. The Danish bank is already taking advantage of a swap credit line worth $15 billion from the U.S. Federal Reserve.
The Danish central bank is making a desperate bid to shore up the krone against recent upheavals in the financial and FX markets, due to an eminent and feared global recession. Indeed, its efforts has led to an interest rate hike at a time when many central banks are going for cuts.
| Topic Tags: Danish krone, Danish swap line, European Central Bank, Federal Reserve, financial markets, forex trading, FX markets, global recession | |
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