ECB in Shock Interest Rate Drop

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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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