Source:
ReutersBRUSSELS/ROME (Reuters) - The incoming head of the European Central Bank threw the euro zone a lifeline hours before a crucial summit on Wednesday which looked set to fall short of a definitive plan to tackle the bloc's debt crisis.
Mario Draghi signaled the ECB would go on buying troubled states' bonds as leaders of the 17-nation single currency area struggled to agree a convincing set of measures.
"The Eurosystem (of central banks) is determined, with its non-conventional measures, to prevent malfunctioning in the money and financial markets creating an obstacle to monetary transmission," he said in typically coded ECB language in a speech text released in Rome.
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The second euro zone summit in four days, due to start at 1730 GMT, seems unlikely to produce a detailed masterplan despite Franco-German assurances that a "comprehensive solution" to two years of debt turmoil would be found.
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