Draghi says ECB ready to make further bond purchases


The European Central Bank (ECB) is ready to make purchases of sovereign bonds to support weaker eurozone economies, as it believes the markets are over-stating the risk of eurozone breakup.

ECB president Mario Draghi said a "severe malfunctioning" exists "in the price formation process in the bond markets of euro area countries", and that risk premia related to fears of a eurozone breakup were "unacceptable". "The euro is irreversible," he told a press conference today (August 2).

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