Dollar to the rescue

“A dollar drip for European banks,” headlines Rzeczpospolita the day after the world’s leading central banks pumped dollars into the financial system by offering European banks 3-month loans. As a result, shares soared and the euro rebounded. “Some analysts see the move aimed at increasing liquidity as, in fact, the first stage of preparing the Greek bankruptcy...a scenario officially ruled out by European leaders,”notes the Warsaw daily. However, the positive effect of the “dollar drip” exactly three years after the fall of the American investment bank Lehman Brothers which triggered the world crisis, may be short-lived and won’t “replace necessary reforms” “The recent economic forecast of the European Commission shows that the EU economy is slowing down...but the situation could get even worse as nobody can presently predict the consequences of restructuring the Greek debt” warns the Warsaw daily.