Draghi says no backstop after OMTs; praises Spanish progress

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Mario Draghi, president of the European Central Bank (ECB), praised developments in Spain and Portugal today (October 4), after unveiling the benchmark interest rate in Europe will be held at 0.75%.

Draghi told a press conference that Spain's progress has proven "remarkable" given the short timespan between conception and implementation of its reforms, but said significant challenges remain ahead. But Draghi would not be drawn on whether the reforms are sufficient to qualify for ECB bond

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