32.2 F
Indianapolis
Thursday, March 28, 2024

ECB spent $9.6 billion last week on govt bonds

More by this author

“font-family: Verdana, Times, serif; font-size: 12px; text-decoration: none; line-height: 13px; color: #000000; font: normal normal normal 12px/normal verdana, helvetica, arial;”>

“font-family: Arial, Helvetica, sans-serif; font-size: 13px; -webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;”>

FRANKFURT, Germany (AP) — The European Central Bank says it spent

euro6.65 billion ($9.64 billion) last week purchasing government

bonds in an attempt to keep the continent’s debt crisis from

pushing Italy and Spain into financial collapse.

“font-family: Verdana, Times, serif; font-size: 12px; text-decoration: none; line-height: 13px; color: #000000; font: normal normal normal 12px/normal verdana, helvetica, arial;”>

“font-family: Arial, Helvetica, sans-serif; font-size: 13px; -webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;”>

The purchases announced on the bank’s Twitter feed compare to

euro14.3 billion last week and euro22 billion the week

before.

“font-family: Verdana, Times, serif; font-size: 12px; text-decoration: none; line-height: 13px; color: #000000; font: normal normal normal 12px/normal verdana, helvetica, arial;”>

“font-family: Arial, Helvetica, sans-serif; font-size: 13px; -webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;”>

The purchases raise bond prices and drive down the interest yields

on those bonds. Rising interest rates pushed Greece, Ireland and

Portugal into needing bailout loans.

“font-family: Verdana, Times, serif; font-size: 12px; text-decoration: none; line-height: 13px; color: #000000; font: normal normal normal 12px/normal verdana, helvetica, arial;”>

“font-family: Arial, Helvetica, sans-serif; font-size: 13px; -webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;”>

Eurozone officials are trying to keep such troubles from spreading

to Italy and Spain, which are considered too large to bail

out.

“font-family: Verdana, Times, serif; font-size: 12px; text-decoration: none; line-height: 13px; color: #000000; font: normal normal normal 12px/normal verdana, helvetica, arial;”>

“font-family: Arial, Helvetica, sans-serif; font-size: 13px; -webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;”>

The central bank says it expects the eurozone bailout fund to take

over the purchases as soon as national parliaments agree on that in

coming weeks.

“font-family: Verdana, Times, serif; font-size: 12px; text-decoration: none; line-height: 13px; color: #000000; font: normal normal normal 12px/normal verdana, helvetica, arial;”>

“text-decoration: none; color: #000066;” rel=”item-license” name=

“6816b069-fe9e-445e-9d89-0c2bc1ff0243” href=

“http://hosted.ap.org/dynamic/stories/E/EU_EUROPEAN_CENTRAL_BANK?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-08-29-09-42-05#6816b069-fe9e-445e-9d89-0c2bc1ff0243″>

Ā© 2011Ā The

Associated Press. All rights reserved. This material

may not be published, broadcast, rewritten or

redistributed.Ā Learn more about ourĀ 

“text-decoration: none; color: #000066;” href=

“http://hosted2.ap.org/APDEFAULT/privacy”>Privacy

PolicyĀ andĀ 

href=”http://hosted2.ap.org/APDEFAULT/terms”>Terms of Use.

- Advertisement -

Upcoming Online Townhalls

- Advertisement -

Subscribe to our newsletter

To be updated with all the latest local news.

Stay connected

1FansLike
1FollowersFollow
1FollowersFollow
1SubscribersSubscribe

Related articles

Popular articles

EspaƱol + Translate Ā»
Skip to content