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European Central Bank slashes rates as economy slumps

Mohit Joshi 4 December 2008

European Central Bank Logo Frankfurt - The European Central Bank (ECB) delivered an unprecedented 75-basis-points cut in interest rates Thursday underscoring the dramatic deterioration in Europe's economy.

The reduction was the biggest rate cut since the ECB took charge of eurozone monetary policy about ten years ago and brought borrowing costs in the currency bloc down to 2.5 per cent. (dpa)

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