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LIBOR rates are needed, every day, for 15 different borrowing maturities in ten different currencies.
De Grauwe had already made that point by comparing the UK with Spain; similar fiscal outlooks, wildly different borrowing costs.
A total cost is hard to arrive at because each partner is likely to have different borrowing costs, but it is in the range of $14 billion.
Rates are quoted by 16 banks from seven countries, including the United States, Switzerland and Germany, for 15 different borrowing periods ranging from a day to a year in 10 different currencies.
After weeks of intense negotiations, the Senate majority leader, Joseph L. Bruno, a Republican, and Assembly Speaker Sheldon Silver, a Democrat, said they had decided to combine the elements of two different borrowing plans, one backed by Mr. Silver and the other backed by the Republican governor, George E. Pataki.
The euro crisis, he noted, has produced vastly different borrowing costs for firms, frozen inter-bank lending, prompted some regulators to order banks to keep capital in their home countries and stirred protectionism against EU workers and goods alike.Economic integration has been at the heart of the European project from the outset.
Similar(48)
Borrowing for current spending is different to borrowing to acquire assets.
Borrowing abroad to consume is quite different than borrowing abroad to invest.
Borrowing to boost skills or research is quite different from borrowing to fuel a consumption binge.
By the end of it, the Glazer family may be able to replace £500m they have borrowed with a different £500m borrowed on slightly less terror-inducing terms.
"Working with lenders is different than borrowing a painting or sculpture from somebody," Mr. Urquhart said.
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