It may be because of the slowing European economy, the drive for austerity by the continent's national governments, or planned tax increases. But whatever the reasons, the European Central Bank said Thursday it would hold its benchmark interest rate steady at 1%.
Ever since the Greek debt crisis began worrying investors last month, many European banks are being stress tested. Now, there is growing pressure to release the results.
Eurozone leaders plan to create a financial facility to defend the euro and lower the interest rates its weaker economies pay for sovereign debt. As turmoil grips world markets, the politicians pledge to set up the firewall against contagion before Asian markets reopen on Monday.
The European Union's agreement to support debt-ridden Greece was achieved after long wrangling. But the eurozone has more trouble spots that could threaten the group.
