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    ECB rates unchanged; markets await word on bonds

    By DAVID McHUGH | Associated Press – Thu, Aug 2, 2012

    FRANKFURT, Germany (AP) — The European Central Bank leaves its benchmark interest rate unchanged at a record-low 0.75 percent.

    Markets are now waiting to hear bank President Mario Draghi speak at a news conference, hoping for more signals on whether the bank might buy government bonds in the open market. That could lower borrowing costs that are threatening to push Italy and Spain over the edge.

    Draghi last week raised expectations the bank might take stronger action by saying the ECB would do "whatever it takes" to save the euro. But he didn't specify what measures he would take.

    Markets are looking to the ECB Thursday, a day after the U.S. Federal Reserve held off taking further steps to support the shaky U.S. recovery. But the Fed strongly hinted it might take action soon.

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