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European Central Bank cuts rates to 2 percent

European Central Bank cuts rates to 2 percent

The European Central Bank has cut interest rates by a half percentage point to 2 percent amid increasingly grim economic data.
Thursday's decision takes the ECB's rates to their lowest level since December 2005 as the bank tries to steer the 16-nation euro zone economy away from a deep and prolonged recession.
The move is in line with market expectations and follows a cut in early December of three-quarters of a percentage point.