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ECB to devise new tool to help indebted euro zone members

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Reuters UK

(Reuters) – The European Central Bank unveiled fresh measures on Wednesday to temper a market rout that has fanned fears a new debt crisis on the bloc’s southern periphery but appears to have disappointed investors looking for a more decisive step. MARKET REACTION: The euro fell around a half a percent against the dollar on the ECB’s statement, while Italian yields jumped around 7 basis points. The spread between 10-year Italian and German bonds, a key indicator, meanwhile widened to 239 basis points from around 224 prior to the ECB’s statement. REACTION: ANTOINE BOUVET, SENIOR RATES STRATEGIS…

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