The world of recession

The European Central Bank closed a landmark meeting on Thursday with its chief, Mario Draghi, saying that “the euro is irreversible” and that the Bank would prop it up by buying “unlimited” amounts of bonds from troubled euro zone governments. This is a departure for the conservative ECB — though it has hedged its support of the besieged euro-zone periphery with conditions. No government will qualify for the bond purchases unless it meets the stringent conditions for reform laid down by the euro zone rescue fund; if it diverges from those conditions later, the ECB will remove it from the programme. 

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