U.S. prime money funds trim euro zone bank debt in March-JPMorgan
NEW YORK, April 9
NEW YORK, April 9 (Reuters) - U.S. prime money market funds reduced their holdings of euro zone bank debt in March as Cyprus' bank troubles rekindled worries about the region's festering debt crisis, according to a report by JPMorgan Securities released on Tuesday.
The report showed the funds cut their ownership of euro zone securities by $44 billion to $203 billion last month, led by broad declines in all types of debt including commercial paper, repurchase agreements and time deposits issued by those banks.
The drop in euro zone bank debt in March was the largest monthly decline since last June, JPMorgan said.
March's fall nearly erased prior two months' increases in euro zone bank exposure among prime money funds. Their euro zone exposure were up $1 billion at the end of the first quarter.
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