The current interest rate reduction passed with bipartisan support in 2007, but Republicans have pointed out that then-Sen.
They're not asking for a holiday on interest payments or even an interest-rate reduction like Greece.
But even if the latest interest-rate reduction halts the deterioration in the economic outlook, it looks unlikely that it will generate enough momentum to speed the recovery.
What was announced was a maturity extension of the arrangements and a reduction in the interest rate charged.
The gist of the deal calls for Greece to cut its debt to 124% of GDP by 2020 and a reduction in the interest rate charged to Greece on the loans.
"My understanding is that the Russian government is ready to make a contribution with an extension of the loan and a reduction of the interest rate, " said the EU's top economic official, Olli Rehn.
But if this trend in private bank money creation continues, it does augur for higher rates of monetary inflation, especially, as Chairman Bernanke suggested at Jackson Hole in August, if aided and embedded by a reduction in the rate of interest the Federal Reserve pays banks on those excess reserves.
FORBES: Monetary Watch October 2010: Banks printing money again, QE II in November?
In the Lords (from 2.30pm) questions cover the government's plans to commemorate the centenary of World War I, the need for a reduction in domestic food waste, and the interest rate rigging scandal in the City.
Following two days of sell-offs in stock markets across the globe--and a week ahead of its Federal Open Market Committee meeting (when the rate cut was expected)-- the Fed slashed short-term interest rates by three-quarters of a percentage point, its single most dramatic rate reduction since 1984.
WARSAW Poland's central bank signaled Wednesday that the current round of interest-rate cuts is nearing an end, a disappointment for many in the market who had expected a greater reduction in borrowing costs amid the country's flagging economic growth.
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