Advertisement
UK markets close in 57 minutes
  • FTSE 100

    7,970.38
    +38.40 (+0.48%)
     
  • FTSE 250

    19,899.70
    +89.04 (+0.45%)
     
  • AIM

    743.47
    +1.36 (+0.18%)
     
  • GBP/EUR

    1.1697
    +0.0028 (+0.24%)
     
  • GBP/USD

    1.2637
    -0.0001 (-0.01%)
     
  • Bitcoin GBP

    56,335.95
    +1,717.20 (+3.14%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • S&P 500

    5,254.56
    +6.07 (+0.12%)
     
  • DOW

    39,775.01
    +14.93 (+0.04%)
     
  • CRUDE OIL

    82.66
    +1.31 (+1.61%)
     
  • GOLD FUTURES

    2,236.10
    +23.40 (+1.06%)
     
  • NIKKEI 225

    40,168.07
    -594.66 (-1.46%)
     
  • HANG SENG

    16,541.42
    +148.58 (+0.91%)
     
  • DAX

    18,509.39
    +32.30 (+0.17%)
     
  • CAC 40

    8,217.55
    +12.74 (+0.16%)
     

ECB Starts QE Funding Amid Greek Warning

The European Central Bank is to start buying government debt as part of its stimulus package within the week.

ECB president Mario Draghi said its new quantitative easing programme would commence purchases on March 9.

This follows on from a 22 January announcement of the plan to stem downward pressure on the 19-nation eurozone economy.

Mr Draghi said "we have already seen a significant number of positive effects from these monetary policy decisions".

The announcement saw a rapid sell-off of the euro against the dollar, which was already hovering around 11-year lows.

Within minutes of the announcement the euro was trading down 0.62%, with the euro against the pound also down, around 0.55%.

ADVERTISEMENT

Meanwhile, the ECB also warned Greece that it cannot rely on it to help with short-term debt.

Mr Draghi explained that ECB rules prohibited direct or indirect financing of governments.

"The ECB is a rule-based institution. It is not a political institution," Mr Draghi said.

Options are running out for Athens to fund itself, despite striking a deal with the eurozone in February to extend its bailout by four months.

It is faced with a fall in revenues and now expected to run out of cash by the end of March.

Some analysts believe funds may be exhausted before then.