European Central Bank Cuts Interest Rates to Zero
By David McHugh, Huffington Post – July 5, 2012
FRANKFURT, Germany — The European Central Bank cut its benchmark interest rate to a record low Thursday to spark economic growth but gave little sign it would take further action soon to ease Europe’s financial crisis.
By cutting its key refinancing rate by a quarter percentage point to 0.75, a move that was widely expected, the ECB sought to give Europe’s sagging economy a lift by making it cheaper for businesses and consumers to borrow.