Monday, August 22, 2011

ECB Buys $20B in European Bonds

The ECB, European Central Bank, spent 14.3 billion Eurs, about U.S. $20.6 billion, last week buying government bonds.

"European officials want the eurozone's bailout fund to take over the purchases, but national parliaments will not give their approval to that move until this fall. That has left the central bank with the main burden of fighting off market turmoil." (AP)

Last week it had been 22 billion ($32 billion).

Buying Italian and Spanish bonds on financial markets has driven down borrowing rates that were threatening those two countries with financial ruin.

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