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European Central Bank vows backstop against market turmoil


By The Associated Press

The European Central Bank has vowed to come up with a new, unspecified market backstop that could be used to buffer some countries against bond market turmoil similar to what shook the 19-country eurozone during a debt crisis more than a decade ago. The statement came after an unscheduled meeting of the bank’s governing council Wednesday. It aims to address a selloff in Italian and Spanish government debt in the wake of the bank’s decision to start raising interest rates in July for the first time in 11 years.

Article Topic Follows: AP National Business

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Associated Press


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