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Friday, July 08, 2011

ECB Raises Rates

The European Central Bank (ECB) has raised interest rates by a quarter point to 1.5%, citing its fear of inflation (over recession) as the rationale for the decision.

The ECB's actions have, needless to say, pushed the financially beleaguered Eurozone nations such as Greece and Portugal further towards the precipice.

Cynics are of the view that the ECB's actions deliberately designed to force the weaker nations from the Eurozone.

Whatever the rationale, the decision in the face of the ongoing recession, is utter madness and will end in tears.

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