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Why LIBOR is replaced? What's the relationship between 2008 Credit Crunch, LIBOR transition and Barclays' Scandal? Why LIBOR replacement has the biggest effect in banking

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Why LIBOR is replaced? What's the relationship between 2008 Credit Crunch, LIBOR transition and Barclays' Scandal? Why LIBOR replacement has the biggest effect in banking system and banking industry

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