ECB to flesh out asset-purchase plan it hopes will buoy euro zone

The European Central Bank will present details on Thursday of a new asset-buying plan with which it hopes to revive the flagging euro zone economy and see off the specter of deflation. The ECB plans to buy asset-backed securities (ABS) - packages of reparcelled loans - with a view to spurring the market for such credit and supporting lending to the small- and mid-sized firms that form the backbone of the euro zone economy. ECB President Mario Draghi said late on Wednesday the council would discuss how it can get closer to its aim of an inflation rate just below 2 percent -- inflation has slipped to just 0.3 percent. Last month, the ECB said it would buy ABS and covered bonds to push money into the economy.

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