ECB bond buys rise to $598 million

FRANKFURT, January 2: The European Central Bank bought euro462 million ($598 million) in government bonds last week, an increase from the minimal purchases of the week before. The bond buys help keep down the elevated borrowing costs that are putting pressure on heavily indebted governments such as Italy and Spain, and have helped the eurozone avoid a financial meltdown. The purchases announced Monday compare with a bare euro19 million the week before, and to euro3.4 billion the week before that. European Central Bank President Mario Draghi has resisted pressure to step up the purchases.
— AP