Economy/Business News Alert

European Central Bank unveils bond-buying plan

European Central Bank President Mario Draghi has unveiled a much-awaited program to buy the government bonds of countries in the 17-member euro zone to help bring down their borrowing rates.

At a press conference Thursday after the bank's policy meeting, Draghi said the program, called Outright Monetary Transactions, will have no set limit and be a "fully effective backstop."

Read more at:
http://www.washingtonpost.com/world/europe/ecb-intervention-could-lower-government-borrowing-costs-for-hard-pressed-spain-italy/2012/09/06/77c15022-f805-11e1-a93b-7185e3f88849_story.html

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