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rowing costs as long as they first ask
for help from the eurozone's bailout fund.The purchases would lower borrowing
costs because they would drive up bond prices up and interest yields
down, since prices and yields move in opposite directions. Governments could
then take advantage of those lower yields when they sell bonds to
pay off old bonds that are coming due.The ECB has actually bought
no bonds under the offer. The mere fact that the offer exists,
however, affected the bond market and lowered borrowing costs for countries
such as Spain and Italy.CHEAP LOANS TO BANKS: The ECB made an
unlimited amount of cheap, three-year loans available to banks on two occasions.
In December 2011, 523 banks borrowed 489 billion euros ($608.17 billion)
and 800 banks borrowed 530 billion in a second operation in February
2012.The long duration of the loans gave banks security that they would
have the money they needed through 2015. It eliminated market fears
that one or more banks might collapse and thus made it easier
for banks to borrow money and function in support of the wider
economy.Some of the money is now being repaid by banks under a
provision that lets them give the money back after a year.EMERGENCY ASSISTANCE:
The ECB is allowing national central banks in troubled countries to make
emergency loans to banks that are not eligible to borrow from the
ECB's programs. That is because those banks don't have enough safe collateral
such as hig
rowing costs as long as they first ask
for help from the eurozone's bailout fund.The purchases would lower borrowing
costs because they would drive up bond prices up and interest yields
down, since prices and yields move in opposite directions. Governments could
then take advantage of those lower yields when they sell bonds to
pay off old bonds that are coming due.The ECB has actually bought
no bonds under the offer. The mere fact that the offer exists,
however, affected the bond market and lowered borrowing costs for countries
such as Spain and Italy.CHEAP LOANS TO BANKS: The ECB made an
unlimited amount of cheap, three-year loans available to banks on two occasions.
In December 2011, 523 banks borrowed 489 billion euros ($608.17 billion)
and 800 banks borrowed 530 billion in a second operation in February
2012.The long duration of the loans gave banks security that they would
have the money they needed through 2015. It eliminated market fears
that one or more banks might collapse and thus made it easier
for banks to borrow money and function in support of the wider
economy.Some of the money is now being repaid by banks under a
provision that lets them give the money back after a year.EMERGENCY ASSISTANCE:
The ECB is allowing national central banks in troubled countries to make
emergency loans to banks that are not eligible to borrow from the
ECB's programs. That is because those banks don't have enough safe collateral
such as hig
JOHANNESBURG Mozambique's rhinoceros population was wiped out more than
a century ago by big game hunters. Reconstituted several years ago, it
has again been driven to extinction, or to the brink of extinction,
by poachers seeking their horns for sale in Asia.A leading rhino expert
told The Associated Press that the last rhino in the southern African
nation has been killed. The warden in charge of the Great Limpopo
Transfrontier Park the only place where the horned behemoths lived
in Mozambique also says poachers have wiped out the
last of the rhinos. Mozambique's conservation director believes a few may
remain.Elephants also could become extinct in Mozambique soon, the warden
of the Great Limpopo Transfrontier Park, Antonio Abacar, told AP. He said
game rangers have been aiding poachers, and 30 of the park's 100
rangers will appear in court soon."We caught some of them red-handed while
directing poachers to a rhino area," Abacar said.A game ranger arrested
for helping poachers in Mozambique's northern Niassa Game Reserve said on
Mozambican Television TVM last week that he was paid 2,500 meticais (about
$80) to direct poachers to areas with elephants and rhinos. Game rangers
are paid between 2,000 and 3,000 meticais ($64 to $96) a month.While
guilty rangers will lose their jobs, the courts serve as little deterrent
to the poachers: killing wildlife and trading in illegal rhino horn and
elephant tusks are only misdemeanors in Mozam
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