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Banks tighten credit

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Banks tighten credit

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March saw the slowest growth in European loans to households and businesses, since records began 18 years ago.

Banks tightened credit as the recession took hold. Inflation also slowed, prices only rose 0.6 percent on last year. The European Central Bank has lowered its benchmark rate by three percentage points since October, and provided banks with unliimited amounts of cash in an effort to revive lending.