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European Central Bank Cuts Interest Rates to Record Low

The European Central Bank has cut interest rates, in a bid to boost a weak economic recovery. The ECB lowered its benchmark interest rate to 0.05 percent from a previous record low of 0.15 percent. The bank also cut its deposit rate -- what banks pay the central bank for their deposits. The ECB also announced a new stimulus program for buying financial assets, to pump further life into the continent's economy. The aim is to make credit cheaper at a time when...

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