ECB cuts interest rates, trying to stave off recession

The European Central Bank on Thursday cut interest rates for the second straight month and unveiled a new strategy to pump money into cash-strapped banks, in new efforts to bolster the ailing economy and financial system on the continent.

As European heads of state gathered in Brussels for a potentially fateful series of meetings meant to develop a new path forward for integrating the nations’ fiscal policies, the central bank for the 17 nation euro zone was meeting in Frankfurt, Germany, offering its own response to the deepening crisis.

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