ECB in Shock Interest Rate Drop

Amidst political turmoil in Greece and the G20 summit in Cannes, the FTSE has rallied strongly following the ECB’s announcing an interest rate cut from 1.50 to 1.25%.

Commentating on the news Clem Chambers, CEO of ADVFN, argued that:

“The tempo of chaos of the Euro debt crisis is rising. With Italian interest rates at all-time highs and near breaking point, with Greece in turmoil, the ECB has dropped its base rate as a signal that it will come to the rescue of the European economy.”

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