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ECB cuts interest rates below 1% for 1st time

07-06-2012 10:13 BJT

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The European Central Bank has cut borrowing costs to a record low on Thursday as widely expected to support a deteriorating eurozone economy and to complement measures agreed by government leaders to tackle the debt crisis.

The central bank cut the deposit facility by 25 basis points to zero and lowered the main refinancing fixed rate to three-quarters percent. It’s the first time rates have been below one percent, and follows a cut in November 2011.

Analysts say the ECB is immense under pressure from investors, and even the International Monetary Fund to take bolder measures. Previously, IMF chief Christine Lagarde urged the bank to resume its purchases of government bonds, but analysts say that’s unlikely.

Economic indicators released earlier suggest even Germany, the eurozone’s powerhouse economy, is entering a modest downturn and investors want the ECB to take action before the situation worsens.



Editor:Zhang Rui |Source: CNTV.CN

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