Libor Rigging in 2008 Crisis Was ‘State-Led,’ Times Says

Central banks and governments co-ordinated to press banks to manipulate the Libor and Euribor benchmark interest rates at the height of the 2008 financial crisis, the Times reported.

In October 2008, the Bank of England and the European Central Bank, along with three European national central banks and the Federal Reserve Bank of New York, intervened in the setting of Libor and Euribor, according to a book by BBC Economics Correspondent Andy Verity that is being serialized in the newspaper.