Central Bank Sets Bond Plan Meant to Ease Euro Debt Peril - NYTimes.com - 0 views
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Gene Ellis on 06 Sep 12ON the open market, mimd
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The European Central Bank said Thursday it had agreed on a framework for buying the bonds of troubled euro-zone countries on the open market in unlimited quantities, but left the timing unclear.
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In essence, the bank left the next step to the beleaguered governments. They would be required to ask the E.C.B. formally to begin buying their bonds in the open market and would have to agree to follow detailed conditions for paying down their debt and hewing to fiscal discipline. It would be up to the E.C.B. to determine whether the terms of the agreement were acceptable, and whether the government was meeting those conditions over time.
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