ECB steps up bond purchases to $1.47 billion

Data from the European Central Bank shows it bought government bonds worth ¤1.121 billion ($1.468 billion) in the week ended December 24, as the ECB stepped up bond purchases in its fight against Europe's debt crisis.
The previous week the central banks only invested ¤603 million in bonds from governments with shaky finances such as Ireland, Greece and Portugal, disappointing traders who had hoped the ECB would play a more active role as the region tries to keep the debt crisis from pushing more states into international bailouts. Buying bonds supports their prices and keeps countries' borrowing costs in check. Despite the increase, Monday's data is still far below ECB bond purchases seen earlier this year.