By Gregory Harrington and Arturo Caraballo ( June 14, 2019, 3:11 PM EDT) -- Libor, the "world's most important number," is being phased out.[1] Created almost 50 years ago on Aug. 15, 1969 — opening day of the Woodstock music festival — Libor began as a floating, market-determined interest rate for syndicated loans, but over time has become the benchmark interest rate for an estimated $350 trillion in outstanding financial arrangements around the world....
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