Wednesday, June 6, 2012

ECB holds rates steady



EUROPE'S DEBT CRISIS

ECB holds rates steady
By Ben Rooney @CNNMoneyInvest June 6, 2012: 7:59 AM ET


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ECB president Mario Draghi is under pressure to help keep the euro currency union from breaking apart.
NEW YORK (CNNMoney) -- European Central Bank officials voted Wednesday to hold interest rates steady, as the debt crisis in the euro area intensifies.
The ECB left its main interest rate unchanged at 1%, dashing hopes for a rate cut.

ECB officials are meeting amid a deepening banking crisis in Spain and ahead of a pivotal election in Greece that could determine whether the nation remains in the eurozone.
Separately, the European Union announced a plan for a continent-wide banking union that would deal with future banking crises rather than leave them in the hands of already struggling national governments.
But the proposals have yet to be officially endorsed and the measures will take years to implement.

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