Draghi Proposes 'Unlimited' Bond-Buying, With Strings

Spain must keep cutting its budget deficit
Mario Draghi, president of the European Central Bank (ECB), at a news conference at the ECB headquarters in Frankfurt, Germany on Aug. 2, 2012. Draghi signaled the bank will join forces with governments to buy sovereign bonds in sufficient quantities to remove all doubts about the future of the euro. Photograph by Hannelore Foerster/Bloomberg

European Central Bank President Mario Draghi is offering what seems to be a breathtakingly open-ended commitment to buying government bonds of troubled European nations. But there are strings attached.

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