When the world gets closer.

We help you see farther.

Sign up to our expressly international daily newsletter.

Already a subscriber? Log in.

You've reach your limit of free articles.

Get unlimited access to Worldcrunch

You can cancel anytime.

SUBSCRIBERS BENEFITS

Ad-free experience NEW

Exclusive international news coverage

Access to Worldcrunch archives

Monthly Access

30-day free trial, then $2.90 per month.

Annual Access BEST VALUE

$19.90 per year, save $14.90 compared to monthly billing.save $14.90.

Subscribe to Worldcrunch
Economy

Draghi To The Rescue? New Bond-Buying Plan Unveiled To Help Boost Euro

LES ECHOS (France), DIE WELT, DER SPIEGEL (Germany), IL SOLE 24 ORE (Italy) BLOOMBERG (US), BBC NEWS (UK)

Worldcrunch

FRANKFURT – Aiming to squelch speculation of an impending demise of the euro, European Central Bank President Mario Draghi said policymakers have agreed to an unlimited bond-purchase program to regain control of interest rates in the single currency zone, reports Bloomberg.

The program “will enable us to address severe distortions in government bond markets which originate from, in particular, unfounded fears on the part of investors of the reversibility of the euro,” Draghi said during Thursday afternoon's widely anticipated press conference in Frankfurt.

The ECB will target government bonds with maturities of one to three years, including longer-dated debt that has a residual maturity of that length, said Draghi, calling the euro "irreversible."

Ahead of the announcement, the European Central Bank kept the benchmark euro zone interest rate unchanged at a record low 0.75%, as expected by most observers.

Italian Prime Minister Mario Monti said Thursday that the stakes are higher than ever, and called on politicians on the national level across the continent to stop blaming the crisis on demands that Europe is making, Milan-based business daily Il Sole 24 Ore.

“Rather than the ultimate fulfillment of (Europe’s) union of peoples, the euro paradoxically could become a major factor of its disintegration,” Monti said in a speech in Florence. “This would be even more harmful than the material consequences of the crisis. If we don’t increase the political and psychological vigilance, this will happen.”

However, Germany remains critical of the ECB. According a poll carried out by Der Spiegel, 42% of German citizens have little or no confidence in Draghi, while only 18% of Germans say they trust the current ECB President.

The German stock index (DAX) barely reacted to the news, reports Die Welt.

In the afternoon, the German index was still 1.30 percent higher at 7,055 points, but held up to the acclaimed 7000-point mark.

The ECB announced earlier today that it forecasts a deeper economic contraction for 2012. Euro-zone GDP will drop 0.4 percent this year instead of 0.1 percent, it said.

You've reached your limit of free articles.

To read the full story, start your free trial today.

Get unlimited access. Cancel anytime.

Exclusive coverage from the world's top sources, in English for the first time.

Insights from the widest range of perspectives, languages and countries.

food / travel

Bowl Of Cool: The Best Summer Soups From Around The World

If you love soups in the winter, you can feel like you're missing out in the summer. But don't fear! Here's a roundup of the best soups from around the world for warm weather.

Photo of gazpacho

Gazpacho soup

Emma Albright

A bowl of warm soup on cold winter days always seems like food for the soul. So for soup lovers out there, the arrival of summer may feel a little depressing.

But fear not! Cold soups are still a great option when the weather is warm. From light, refreshing soups to rich and creamy ones, here’s a list of cold soups around the world that will fulfill your winter cravings and help you cool off on a summer afternoon.

Keep reading...Show less

You've reached your limit of free articles.

To read the full story, start your free trial today.

Get unlimited access. Cancel anytime.

Exclusive coverage from the world's top sources, in English for the first time.

Insights from the widest range of perspectives, languages and countries.

Already a subscriber? Log in.

You've reach your limit of free articles.

Get unlimited access to Worldcrunch

You can cancel anytime.

SUBSCRIBERS BENEFITS

Ad-free experience NEW

Exclusive international news coverage

Access to Worldcrunch archives

Monthly Access

30-day free trial, then $2.90 per month.

Annual Access BEST VALUE

$19.90 per year, save $14.90 compared to monthly billing.save $14.90.

Subscribe to Worldcrunch

The latest