Europe reportedly to guarantee interbank loans

Europe to guarantee interbank loans: report Money lent for up to five years to be backstopped by Europe's governments as part of 14-point action plan NEW YORK (MarketWatch) -- Leaders of the 15 eurozone countries were set to announce a plan Sunday to guarantee new medium-term loans between banks, Agence-France Presse reported. The measure, which will last for an "interim period," will see governments underwrite loans of up to five years, AFP said, citing a draft of the statement. The guarantee is one part of a 14-point joint action plan that will also see governments safeguard financial institutions from collapse, AFP reported. Banks will be charged commercial rates for the service, although final terms are still under discussion, it said. The 15 leaders of the eurozone countries were meeting Sunday in Paris to discuss how to... [read full story]