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Excerpt from Financial Times -- "This reflects the fact that banks remain 'the main source of liquidity insurance' for US companies, according to Sascha Steffen, a professor at the Frankfurt School of Finance, and Viral Acharya of NYU, who studied nearly $1tn of undrawn credit lines held by more than 2,400 US groups. That became clear as the market meltdown began on February 21 and corporate bond, loan and equity markets all gummed up."

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