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BLOOMBERG,BUSINESS INSIDER (USA), LA TRIBUNE (France), BBC NEWS (UK)

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FRANKFURT - The European Central Bank (ECB) is holding a meeting today in Frankfurt (Germany) to make a crucial decision on the euro's future reports French financial newspaper La Tribune.

Investors are looking for the European Central Bank President to make good on his promise to do whatever is needed to protect the euro, interpreted by most as a signal that the ECB will intervene in bond markets, reports Bloomberg.

While the leaders of Germany, France and Italy have appeared to endorse Draghi's plan, echoing his language in saying they will do whatever is necessary to protect the euro, significant hurdles remain, adds Bloomberg.

There is also speculation that the Eurozone's current bailout fund - with the ECB as its agent - will buy government bonds at auction to drive down the Spanish government's actual cost of borrowing, reports BBC News. But there is controversy around any such plan as the ECB is forbidden from lending money to European governments under its constitution.

"If Draghi just comes out with a do-nothing, markets are going to react extremely badly and the ECB will have a full-blown crisis on their hands," James Nixon, chief European economist at Societe Generale SA in London, told Bloomberg.

Last month, the ECB's President Mario Draghi had some strong words about how high peripheral borrowing costs were impeding monetary policy, reports Business Insider.

According to a survey carried out by Bloomberg, economists expect ECB officials to keep the benchmark interest rate at a record low 0.75%. The deposit rate will be left at zero, another survey shows.

Meanwhile, markets in Europe are currently slipping, reports Business Insider. Italy is down 0.6%. Spain is down a little less.

The ECB will make its decision public at 1:45 pm local time in Frankfurt while Mario Draghi will hold a press conference at 2:30 pm.

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Society

Colombia Celebrates Its Beloved Drug For The Ages, Coffee

This essential morning drink for millions worldwide was once considered an addictive menace, earning itself a ban on pain of death in the Islamic world.

Colombia's star product: coffee beans.

Julián López de Mesa Samudio

-Essay-

BOGOTÁ — October 1st is International Coffee Day. Recently it seems as if every day of the calendar year commemorates something — but for Colombia, coffee is indeed special.

For almost a century now we have largely tied our national destiny, culture and image abroad to this drink. Indeed it isn't just Colombia's star product, it became through the course of the 20th century the world's favorite beverage — and the most commonly used drug to boost work output.

Precisely for its stimulating qualities — and for being a mild drug — coffee was not always celebrated, and its history is peppered with the kinds of bans, restrictions and penalties imposed on the 'evil' drugs of today.

Keep reading...Show less

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