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Friday, July 6, 2012

Draghi Explains The ECB Rate Cut

International Monetary Fund's Managing Directo...
International Monetary Fund's Managing Director Dominique Strauss-Kahn (L) talks with , European Central Bank President Jean-Claude Trichet (C) and Italy's Governor Mario Draghi (R) prior to the start of their G-7 meeting at the Istanbul Congress Center (Photo credit: Wikipedia)
European Central Bank President Mario Draghi explained the Bank's latest decision to cut its target interest rate to 0.75 percent in a press conference at 8:30 AM ET. While we're weren't likely to hear about any game-changing non-standard monetary policy measures at the meeting, the meeting evidently didn't convince markets that the ECB will come to the rescue. European equities fell sharply while the meeting was going on. Watch the press conference here....Continue to read.
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