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ECB Buys Italian, Spanish Debt
Central bank purchases trigger bond rallies in Italy, Spain.
European Central Bank President Jean-Claude Trichet started buying Italian and Spanish assets today in his riskiest attempt yet to tame the sovereign debt crisis.
Italian and Spanish bonds surged as the ECB entered the market, sending 10-year yields down more than 70 basis points. The euro rose to $1.4355 at 10:30 a.m. in Frankfurt from $1.4277 at the close of European trading on Friday.
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