European Central Bank vows backstop against market turmoil

By The Associated Press

The European Central Bank has vowed to come up with a new, unspecified market backstop that could be used to buffer some countries against bond market turmoil similar to what shook the 19-country eurozone during a debt crisis more than a decade ago. The statement came after an unscheduled meeting of the bank’s governing council Wednesday. It aims to address a selloff in Italian and Spanish government debt in the wake of the bank’s decision to start raising interest rates in July for the first time in 11 years.