ECB drains 64 bln euros to offset bond purchases

Sep 10, 2008
FRANKFURT, Nov 9 (Reuters) - The European Central Bank comfortably attracted the 64 billion euros it needed on Tuesday to offset its controversial purchases of euro-zone government bonds, but had to pay a higher rate of interest to do so. The ECB re-started its purchases last week in response to a resurgance in Irish and Portuguese debt market tensions, spending 711 million euros following a three-week pause in buying.
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Now we know why the bonds are rising slower than normal.

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