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Central Bank to Snap Up Debt, Saying, "Euro Is Irreversible"

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At www.nytimes.com

The European Central bank took its most ambitious step yet toward easing the euro zone crisis, assuming sweeping new powers to throw its unlimited financial clout behind an effort to protect Spain and Italy from financial collapse. The E.C.B. will buy bonds on open markets, without setting any limits, of countries that ask for help, which Spain is expected to do. The E.C.B. said it would act only after countries agreed on conditions with the euro zone rescue fund, which will be known as the European Stability Mechanism.

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At www.nytimes.com


 

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