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ECB introduces bond buying plan OMT

September 7, 2012

The European Central Bank yesterday left its main interest rate unchanged at a record low of 0.75%, but ECB president Mario Draghi unveiled a long-awaited programme, termed Outright Monetary Transactions, with no set limit to buy up bonds and help bring down the borrowing costs for debt-laden Eurozone members. The ECB also cut its GDP outlook for the currency bloc to a 0.2-0.6% contraction.