The New York Times
Thursday, December 8, 2011 -- 8:07 AM EST
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E.C.B. Cuts Rates for Second Month in a Row
The European Central Bank cut its benchmark interest rate for the second month in a row Thursday, undoing rate increases made earlier this year in response to slowing growth and increasing signs of a credit crunch.
The E.C.B. cut its key rate to 1 percent from 1.25 percent, as expected, returning it to the record low level that had prevailed from 2009 until earlier this year.
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