Crisis prompts ECB rate cut

Crisis prompts ECB rate cut The European Central Bank has reacted to the escalating eurozone crisis with a surprise interest rate cut after its first council meeting chaired by Mario Draghi.

The decision to lower the ECB’s main policy rate from 1.5 per cent to 1.25 per cent follows mounting evidence that the eurozone was heading into recession, with its economic outlook darkened by the uncertainty over the future of Greece.
http://link.ft.com/r/R5WAEE/08ZVU5/9ZA4GU/NJR2FO/PFTBL7/7V/h?a1=2011&a2=11&a3=3