Tagged: Banking

Are you a eurozone country? Are you having a hard time borrowing money at a reasonable rate? Mario Draghi has a deal for you.

First, you have to admit you have a problem. You have to ask for help from the European Union and the International Monetary Fund. Then you have to do whatever they say.

Not appealing, I know.

But here's the good part: If you do those things, the European Central Bank will make sure you can keep borrowing money at low, low interest rates.

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RENEE MONTAGNE, HOST:

OK, over in Europe there's been a lot debate on what to do about the troubled currency. And today the European Central Bank announced a new plan to bolster the euro at a meeting in Frankfurt. Bank president Mario Draghi is under immense pressure to prevent the collapse of Europe's monetary union. The bank did not lower interest rates, as some investors hoped, but did unveil steps to ease the eurozone's debt crisis. NPR's Jim Zarroli is in Germany, following the events, and he joins us now. Good morning.

"The European Central Bank refrained from cutting interest rates today as President Mario Draghi prepares to unveil a bond-purchase plan to save the euro," Bloomberg News writes. It adds that:

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RENEE MONTAGNE, HOST:

When the European Central Bank holds its monthly meeting today, investors around the world will be watching nervously to see what the bank's head, Mario Draghi, says about interest rates. Draghi was recently quoted as saying he would do whatever it takes to keep Europe's debt crisis from growing out of control, and that could go beyond just cutting borrowing rates.

As NPR's Jim Zarroli reports, any European Central Bank plan to use its resources to prop up Europe's weaker economies will face strong opposition from the Germans.