Central bankers
and regulators will hold talks in September on whether the troubled
global Libor interest rate can be reformed or whether it is so damaged
that the benchmark of borrowing costs should be scrapped.

Bank of England Governor Mervyn
King told fellow central bankers in a letter that it was "very clear
that radical reforms of the Libor system are needed".

Full story: http://www.reuters.com/article/2012/07/19/us-banking-libor-idUSBRE86H1IV20120719

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