Read the two articles about the LIBOR manipulation scandal posted in Modules on Canvas: “Interest Rate Probe Escalates (Eaglesham and Colchester 2012)” & “Scandal-Hit Libor to Be Phased Out (Colchester 2017)” In 300 words or more (double-spaced and typed) summarize the article. Specifically, discuss how LIBOR is used and why it is important? Why did traders manipulate the LIBOR and Euribor rates (what was to gain)? What are some of the potential options going forward for a replacement rate? Use the concepts we have discussed in class in your explanation (ie: interest rates, the supply/demand of loanable funds, international commercial banking operations..etc).