Just across the English Channel, a less-dovish European Central Bank (ECB) policy stance and the ongoing euro-lending indicator improvements has the Pound Sterling playing second fiddle.
Figures show that total euro-zone lending to households and non-financial firms has declined in recent months, despite the ECB's actions.
His strategy was based on the fixing of three-month swaps pegged to Euribor -- the euro-based interbank lending rate set in Brussels by averaging 44 banks' submissions, regulators have said.
Most lending from the euro zone and the IMF is now going to pay interest on existing debt, which will increasingly be owned by the euro zone itself, rather than fund the government's operating expenses.
In the euro area in particular, banks are lending almost no money to one another.
Lending increased modestly in the euro zone's larger and healthier economies, notably Germany, but declined sharply in countries under financial stress.
If the euro zone and IMF wanted to avoid lending more billions to Greece, private creditors would have to take much bigger losses.
The European Central Bank, which is not a lender of last resort even to banks in the euro zone, has been sniffy about lending to countries outside it.
And if the IMF refuses to keep lending to Greece, the euro zone could take on the burden on its own, ignoring the IMF, as it once did for Latvia.
In the run-up to the summit, the ECB extended its support for euro-zone banks in effect lending them unlimited cheap money.
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The flood of short-term lending, which was denominated in dollars, had the effect of lowering interbank lending rates for two-week euro loans to 4.45% from 4.95% an indication that financial institutions were willing to provide funds to eachother and, by extension, to borrowers at large.
The ECB recently reported that bank lending to households and businesses in the euro zone fell in October to a new record low.
Dexia, which used short-term funding to finance long-term lending, found credit drying up as the euro zone debt crisis worsened.
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But a disorderly default could prove even more costly: Not only would the ECB certainly lose on its bonds, but euro-zone governments would need to recapitalize Greek banks and provide them with adequate collateral to enable them to continue to access ECB lending facilities if Greece was to remain in the euro.
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Spain now accounts for 35% of all ECB lending far outstripping their 11.9% ratio of the Euro-zone economy.
The ECB's latest survey of the euro zone's money market said aggregate turnover in the unsecured-lending market, which Euribor tracks, was down 36% on the year in the second quarter of 2012.
The European Central Bank is barred from lending to governments (though it is doing a lot to sustain euro-zone banks).
The European Central Bank could cut its benchmark lending rate from a record low of 0.75 as soon as Thursday because the euro area's economy remains stagnant.
The Economist has compiled a credit-crunch index, comprising a number of measures on everything from bank lending to the cost of buying insurance against default for banks, firms and sovereigns in the euro zone.
The central bank has also restarted the full range of emergency lending for Europe's banks, whose share prices were hammered again on Thursday by doubts about the euro - and the global recovery.
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