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President of the European Central Bank announcing a widely anticipated program to step -- and buy the bonds of countries in Europe.
That well are struggling with their debts trying to keep those interest rates from soaring.
Market certainly likes it today and -- Webster's covering it live in Frankfurt Germany today with more -- Yeah hey Connell and -- well the interesting thing is there's absolutely no limits on the number of bombs that will be bought.
Up to three years maturity this according close to ECB president Mario Draghi.
He says say does a lot further than the previous two bomb buying programs and -- says quote it will create a fully effective backstop.
It's -- ONT -- outright market transactions and it does go further if a country wants help from this program I have to officially requested.
They will be -- subject to strict conditions and those conditions will be monitored by the IMF -- all of this comes.
As a Euro zone's economy continues to struggle.
Economic growth in the Euro area -- is expected to remain weak.
Well certainly -- have remarks Sunday confidence is a big issue for the Euro zone we have seen that the Spanish ten year -- -- as a result of this announcement down to close to 6%.
Which is a three month low by the way is as high as seven a half percent back in July idolize.
Guys likely will be on Spain now and the assumption that they may need a -- the question is how much and -- they willing to on the go the kind of conditions outlined today.
By the ECB but certainly the announcement of what's expected in the markets as you say guys like -- very much -- indeed -- in in a rally right now all around the world -- -- live today from frank.
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