The ECB bond purchase program has been given most of the credit for the easing of the eurozone debt crisis in recent months. Before the ECB offered Sept. 6 to buy unlimited amounts of government bonds issued by a struggling country, Italy and Spain were facing borrowing costs that would have proved crippling in the long term. The fear was that these two big economies â¿¿ the third- and fourth-largest among the 17 European Union countries that use the euro â¿¿ would be pushed into defaulting on their debts.No bonds have been bought under the ECB plan, but the mere offer reassured investors and sent borrowing costs lower for debt-plagued countries such as Italy and Spain.
Parties May Struggle To Form Government In Italy
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