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News Summary: Hopes for action low as ECB meets

The Associated Press
Wednesday, 3 Oct 2012 | 4:31 PM ET

WAITING FOR ACTION: Analysts don't expect the European Central Bank to take more action to ease Europe's financial crisis when it holds its monthly policy meeting Thursday.

THE BACKGROUND: At its last policy meeting on Sept. 6, the ECB said it would buy unlimited amounts of government bonds to help lower borrowing costs for the 17 countries that use the euro and are struggling to manage their debts. But to get that help, a country must first ask for assistance from the rest of the eurozone. No country has done that yet.

THE OUTLOOK: Many economists say it is only a matter of time before Spain will be forced by high borrowing rates to apply for financial support.