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Top EU court backs ECB's bond-buying scheme

European Central Bank (ECB) chief Mario Draghi approved the 2012 bond-buying scheme to help reduce the borrowing costs for beleaguered Eurozone countries like Italy, Portugal and SpainThe European Central Bank scored a landmark victory Tuesday when the EU’s top court ruled its scheme to buy potentially unlimited amounts of government bonds was legal. A number of groups of German eurosceptics had contested the ECB’s OMT — or Outright Monetary Transactions — programme, unveiled in 2012, claiming it overstepped the central bank’s mandate and was effectively a way of printing money to pay off a government’s debt. “This programme for the purchase of government bonds on secondary markets does not exceed the powers of the ECB and does not contravene the prohibition of monetary financing of member states,” the court said in a statement.

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