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ECB to continue to resist bigger bond purchases

After two consecutive cuts in interest rates, the European Central Bank (ECB) looks set to hold fire at its first policy meeting of 2012 on January 12th. And while further interest rate cuts are still possible in later months, President Draghi is likely once again to dampen expectations that the ECB will take more aggressive action to address the debt crisis by significantly ramping up its purchases of peripheral sovereign debt.

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