It could also reopen the foreign-exchange swaps set up with the Fed during the crisis.Some good ideas are already being discussed.
The Deutsche Bank swaps have a positive value for the city of about €9 million, Ms. Weishaar said, offset by the negative value of JPMorgan swaps set up to protect the city.
Pressure to trammel the markets (banning trading in credit-default swaps, setting up a more pliable European rating agency) should be dismissed as an attempt to shoot the messenger.
In conventional battles the Taliban forces were estimated to be losing 15 fighters, at least, for every NATO soldier killed.Outside Kabul, too, Taliban leaders may have decided to swap set-piece battles for hit-and-run attacks.
Indeed, as soon as the liquidity swap was set up in early 2008, KSF management point out, it was included in liquidity reports that went to the FSA.
The swap line, set up in December 2010, means the Bank of England will provide up to £10bn of sterling to the ECB, which it could then pass onto eurozone banks to ensure "sterling liquidity".
Argentina, which has listed 52 old bonds that are eligible for the swap, will set the interest rate for the new debt on June 1 and announce the results of the auction on June 4.
Which sort of makes sense given the determination to unclot matches from numerous scrum resets: why blow for a throw that, while not straight down the middle of a lineout, is not veering towards the thrower's scrum-half and swap that set piece for a potentially troublesome scrum?
They aimed for a voluntary debt exchange that would not initiate the default swaps, fearing that payments on the swaps might set off destabilizing chain reactions through Europe's financial system.
