Past of backstop
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And proponents of a European lender of last resort to insulate sovereigns from liquidity crises note how America can still borrow at 2% thanks to a deep and liquid government bond market backstopped by the Federal Reserve.Look more carefully, however, and the American example is more complicated.
Ms Ernst's campaign responds that privatisation could be "backstopped" by the federal government, sparing students any increase in interest rates.
Similarly, the Fed's decision to throw its weight behind Bear Stearns, American International Group and Citigroup, had its analogues abroad: the Bank of England provided a lifeline for Northern Rock and the Swiss National Bank later backstopped UBS.
Under this "funding for lending" scheme, the Bank of England, backstopped by the government, would make cheap long-term funds available to banks that sustain or increase lending to businesses and householders.
They provide something the offshore islands cannot: a destination for money rather than a mere conduit, with first-world capital markets and banks backstopped by large numbers of taxpayers.Special report Storm survivors Enduring charms The good, the bad and the Ugland Not a palm tree in sight Automatic response The price isn't right The merry enablers Rise of the midshores Who's the criminal?
A big slice of this is "guarantee claims", or debts that affiliates argue the holding company had backstopped (see chart).In this section Automatic reaction Bank rupture Making the grade Taking cover Jewel gets crown Yes minister, minister Mission unaccomplished The cycle lane ReprintsLehman units are also chasing third parties.
And he pointed out to the easily alarmed librarian that the library's most recent general reference work was a 1938 Britannica, backstopped by a 1910 Americana.
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