Britain orchestrated move by central banks to stave off cash crunch

LONDON: Britain orchestrated this week's bold move by central banks to stave off a cash crunch in global markets, helping drive a plan that began to take shape around 10 days ago.

For months, central bankers have tracked with growing concern how the deleveraging among European banks, hurt by the tumbling value of eurozone debt, was hurting global funding as banks sold off assets and brought cash back home.