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Most world stock markets roared back...some up more than 5%...after the USA's Fed and 5 other central banks...Canada, Japan, Switzerland, Britain and ECB...agreed to lower the cost of USA dollar swap lines.
But experts say the move is not the 'big bazooka' some believe is still needed to support sovereign bond prices, end contagion fears and speculation about the euro's imminent demise.
"This move by the central banks is a necessary, but not a sufficient element, to solve the crisis. The market is waiting for a political solution. But it's good that policymakers have started to cope with the problems at the money market -- the situation had worsened lately. It's a signal at exactly the right time," said a fund manager.
