European Central Bank bond purchases double in a week

24th October 2011, Comments 0 comments

The European Central Bank said Monday that its purchases of eurozone bonds soared in the past week after having been stable for some time.

The ECB said it bought 4.49 billion euros ($6.2 billion) of eurozone government bonds in the past week, double the 2.24 billion euros it purchased in the week to October 17.

The ECB, as usual, did not specify which government bonds it had bought.

But the ECB has now bought a total 169.5 billion euros in eurozone government bonds since it first began such operations early last year as part of efforts to ease debt strains in the 17-nation bloc.

It resumed major purchases in August when renewed strains pushed Italian and Spanish borrowing rates to unsustainable levels.

© 2011 AFP

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