Draghi: We will buy bonds to prevent "destructive scenarios"

ECB president Mario Draghi has outlined details of a plan to buy unlimited amounts of eurozone nations' short-dated debt in an effort to stem the eurozone crisis.

Speaking after the European Central Bank held rates at 0.75% earlier today, Draghi said the ECB governing council had agreed on the specifics of "outright monetary transactions [OMT]" that will see the bank buy bonds in the secondary market. The OMT will aim to lower struggling eurozone nations' borrowing costs by buying debt with a maturity of between one and three years. The purchases, which could theoretically be unlimited, will be focused on the debt of eurozone nations that have already been bailed out, or those which apply for assistance from the European Financial Stability Fac...