ECB unveils details of bond purchase plans


The president of the European Central Bank (ECB), Mario Draghi, today (September 6) revealed details of plans to buy the sovereign debt of eurozone economies to address "severe distortions" in government bond markets.

The need for the plans was underscored by weak GDP data from the eurozone. The ECB warned that growth was predicted to be between -0.6% and -0.2% for 2012 and -0.4%–1.4% for 2013. "Growth momentum is expected to remain dampened," Draghi said today.

Under the bond-buying plans, dubb

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