Credit holds the line in face of panic at subprime losses
Global credit markets stood their ground this week in the face of a new wave of volatility, triggered by the collapse on Wednesday of two hedge funds run by Bear Stearns, which imploded as losses on subprime mortgage investments spiralled.
A shiver of panic ran through the market as traders feared this might be the Big One of regulators nightmares: a systemic risk infection stemming from the structured credit market.
Lenders to Bear Stearns struggled on Wednesday and yesterday (Thursday) to liquidate the assets of the funds, which were
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