MONEY

Central Banks Boost Europe

Many worried that debt crisis will spiral.

Looks like the U.S. isn’t the only country that has a debt crisis: Europe’s central banks assured investors Thursday that they will not run out of American dollars based off the growing fears that the debt crisis will get worse. The banks said they would pump dollars into the European banking system—the first of this type of action in nearly a year. International Monetary Fund Director Christine Lagarde called the move “an important message,” while other investors said the fix “certainly doesn’t get rid of the major problems.” An official forecast released Thursday said that European growth would come to a “virtual standstill” toward the end of the year if action was not taken. The move caused the euro to rise roughly 1 percent in European trading.