ECB’s Mario Draghi unveils bond-buying euro debt plan


BBC News
September 6, 2012

Mario Draghi, president of the European Central Bank, has unveiled details of a new bond-buying plan aimed at easing the eurozone’s debt crisis.

He said the scheme would provide a “fully effective backstop” and that the euro was “irreversible”.

The ECB aims to cut the borrowing costs of debt-burdened eurozone members by buying their bonds.

[…] Mr Draghi said the ECB would engage in outright monetary transactions, or OMTs, to address “severe distortions” in government bond markets based on “unfounded fears”.

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