There is now a smoking gun linking the Bank of England with the Libor scandal. That is the first Central Bank to be linked to the scandal.

The Libor is the average interest rate extended by major banks across the world that decides how much it costs for banks to borrow from each other. The indicator is linked with a number of financial products ranging from mortgages to insurance policy. In sum, Libor underpins a derivatives market worth $350 trillion in the US and Europe.

The scandal erup...

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