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ECB bond plan gets cheered in markets

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Markets rallied Thursday as investors cheered a package of measures from the European Central Bank that is designed to ease Europe’s debt crisis and secure the future of the euro currency.

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Markets rallied Thursday as investors cheered a package of measures from the European Central Bank that is designed to ease Europe's debt crisis and secure the future of the euro currency.Stocks, well as the euro and the price of oil, have enjoyed a bumper five weeks after ECB president Mario Draghi said the central bank would do "whatever it takes" to save the euro.On Thursday, it seems Draghi met expectations in the markets. – stocks powered ahead alongside the bond prices of countries such as Italy and Spain.Draghi confirmed that the central bank was creating a new bond-buying program, called Outright Monetary Transactions. The so-called OMT, which will replace a previous mothballed program, will see the ECB buying government bonds with maturities of one to three years. It will have no limits.

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