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Posted AT 10:46 AM EST on 08/10/08

Major central banks slash rates in extraordinary move to ease crisis

HEATHER SCOFFIELD AND JOHN PARTRIDGE

Globe and Mail Update

OTTAWA — Major central banks took the extraordinary step of deeply cutting interest rates in an emergency co-ordinated move Wednesday, underlining the deterioration of the world's banking system and threatened global recession. Central banks in Canada, the United States, Britain, the European Union, Sweden and Switzerland cut key lending rates by half a percentage point.

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