FRANKFURT, Dec 12: The European Central Bank said on Wednesday it would take joint action with the US Federal Reserve and other institutions to offer short-term funding to the money markets to help ease a global credit squeeze.

In order to “address elevated pressures in short term funding markets,” the ECB said the Eurosystem of banks planned two dollar tenders as the Fed would provide up to $20 billion (13.6 billion euros).

The Bank of England said it would also pump more than 11 billion pounds ($22.5 billion) into the money markets.—AFP