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As dollars accumulated outside America, the Euromarket, where lenders and borrowers were free to set rates between them, developed in London.

London became the centre of the so-called Euromarket, attracting more international banks than New York.

It is no wonder that the Japanese have a yen for the deregulated Euromarket.

The Panamanian companies were the ultimate recipients of between $1.2 billion to $1.4 billion raised in the Euromarket by Banco Ambrosiano and two of its subsidiaries.