European bank promises huge stimulus spending package

The Eurozone hopes to rebound after the European Central Bank (ECB) announced a massive two year addition to its stimulus package. ECB President Mario Draghi said his organization will buy €60 billion worth of government bonds from Eurozone countries.

Spending begins in March and runs through September 2016, with an option to extend spending if it does not have the desired effect. This puts the total stimulus spending from the ECB above €1 trillion.

The lower Euro will hopefully boost exports as international companies take advantage of new currency exchange rates.

[UPDATE] The Euro fell more than 1 per cent against the US dollar after the announcement. The Toronto stock market rose 115 points after the announcement.

Photo Courtesy of Michael Probst & the Associated Press. Video courtesy of Beta TV


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