ECB, euro nations try to soothe volatile markets

LUXEMBOURG -- European Central Bank President Jean-Claude Trichet called Monday for calm in the continent's jittery markets, saying they are overestimating risks and the euro-zone central bank stood ready to provide all the liquidity needed for as long as necessary. He spoke as European Union finance ministers discuss rules for guaranteeing all private savings _ after Ireland, Germany, Greece, Austria and Denmark alarmed other European neighbors by declaring separately that money held by ailing banks would be safe. The EU has finally felt the sharp end of the financial market crisis in the last few weeks as a number of banks sought government rescue to stave off collapse when credit markets froze. Lending worldwide barely budged Monday as investors waited for details on how the U.S. Treasury plans to buy up $700 billion of... [read full story]