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Germans decry ‘blank cheque’

Germany’s press accused the European Central Bank on Friday of writing a “blank cheque” to indebted euro zone states by agreeing to buy their bonds, and some pro-government lawmakers threatened legal action to stop purchases.

business Updated: Sep 07, 2012 23:22 IST

Germany’s press accused the European Central Bank (ECB) Friday of writing a “blank cheque” to indebted euro zone states by agreeing to buy their bonds, and some pro-government lawmakers threatened legal action to stop purchases.

ECB President Mario Draghi unveiled plans on Thursday for potentially unlimited purchases of bonds of up to three years maturity of countries that request a European bailout and fulfil strict policy conditions.

The German central bank chief was the sole dissenting voice in the decision.