More Telegraph: Rumors of a Major European Bank Facing Collapse Triggered Today’s Intervention

From the Telegraph — which, it should be pointed out, has been anti-euro forever, and so might be playing a propaganda role.

The emergency action to stop the international financial system from freezing up again was prompted by rumours that a European bank was facing difficulties and could not raise money. Panic started to spread through the German bond markets, which threatened to result in a credit freeze for European banks.

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