Central Bank to Snap Up Debt, Saying, 'Euro Is Irreversible'
By JACK EWING and MELISSA EDDY
Published: September 6, 2012
FRANKFURT — The European Central Bank on Thursday announced a sweeping program for buying the bonds of troubled euro zone countries, giving the bank potentially unprecedented power.
While the bank’s president, Mario Draghi, insisted that the central bank was not violating a prohibition on its financing governments, it was effectively becoming lender of last resort to countries as well as banks.
“We will have a fully effective backstop to avoid destructive scenarios with potentially severe challenges for price stability in the euro area,” Mr. Draghi said during a news conference. “The euro is irreversible.”
More: http://www.nytimes.com/2012/09/07/business/global/european-central-bank-leaves-interest-rates-unchanged-at-0-75-percent.html?pagewanted=all
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