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English definition of “lender of last resort”

lender of last resort

noun [C]     BANKING, FINANCE, ECONOMICS
a central bank or international organization that lends money to banks or countries in difficult financial periods when they cannot borrow from anywhere else: The IMF is known as the lender of last resort to countries in financial trouble.
(Definition of lender of last resort noun from the Cambridge Business English Dictionary © Cambridge University Press)
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