EU Countries Moving Toward Recession
The Organization for Economic Cooperation and Development, says Europe's debt crisis is pushing the EU toward recession and dragging down the global economy.
To address the EU crisis, ECB President Mario Draghi has unveiled a program to buy up bonds and bring down the borrowing costs.
The plan envisions no set limit on the amount of bonds the ECB could buy.
This initiative goes beyond an earlier, limited bond purchase program that was not big enough to decisively lower borrowing costs.
A key feature of the new plan is that countries that want the ECB to buy their bonds must first officially ask for help from Europe's bailout funds.
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