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LONDON, June 15: Britain has stepped up its action against the eurozone crisis by agreeing to offer billions of pounds in cheap loans to British banks, in co-ordinated action that took markets by surprise.
The government and Bank of England (BoE) announced the surprise plan late on Thursday in London in a bid to force commercial banks, which are reluctant to lend amid the threat of a Greek exit from the eurozone, to lend to businesses struggling amid Britain's recession.
But the move prompted fresh warnings from the main opposition Labour party that Britain's austerity drive and current stimulus projects were not working.—AFP
