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A Bond Buying Bonanza for Europe

Draghi's announcement sends stock markets soaring.

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By: TOM BRANNA

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Finally, Europe’s leading banker has shown his hand and revealed his plan to save the euro. European Central Bank President Mario Draghi today said the central bank would launch an “outright monetary transaction,” or OMT, program in the secondary market, under strict conditionality. The program allows the ECB to decide when to start, continue or suspend bond buys. Draghi said OMTs “enable [the ECB] to address severe distortions in government bond markets which orig...

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