ECB president’s comments lead to stock fall
Worry that the European Central Bank is not doing enough to save Italy and Spain caused the U.S. stock market to drop for the fourth day in a row.
The Standard and Poor’s 500 index may drop to the lowest point in a month, according to Bloomberg.
Previously, Mario Draghi, ECB president, said he was committed to doing whatever it takes to save the euro, but in comments today he said the ECB is only getting ready to buy Italian and Spanish bonds, according to Bloomberg.
Draghi said ECB would only buy bonds if European governments use bailout funds to also purchase bonds. He said action would likely be taken in September, according to Reuters.
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