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ECB rate drop to support lending to 'real economy'

The President of the European Central Bank, Mario Draghi, said policy measures announced today, including a drop in the main Eurozone interest rate, will help stimulate European economies.

Mr Draghi told a press conference in Frankfurt: "We decided on a combination of measures to provide additional monetary policy accommodation and to support lending to the real economy."

ECB cuts main interest rate to 0.15%

The European Central Bank has cut its main interest rate used to set consumer loans in the Eurozone to 0.15%.

ITV News Business Editor Richard Edgar is following developments.

Meanwhile Eurozone banks will now have to face negative interest rates, meaning they have to pay 0.1% to deposit their own money.


Riot police and protesters clash in Madrid

Clashes between demonstrators and riot police erupted in Madrid, as tens of thousands of people took over the Spanish capital to protest against EU-imposed austerity.

Protesters clash with police in Madrid Credit: AP

Spanish newspaper El Mundo published dramatic footage showing police detaining several people during the protests in Madrid.

Police presence was heavy among groups carrying republican and communist flags, banners calling for an end to cuts in the health service, education and affordable housing.

Mass anti-austerity demonstrations take over Madrid

Tens of thousands of protesters from across Spain converged in Madrid on Saturday calling for an end to EU-imposed austerity.

Demonstrators flooded central Madrid Credit: REUTERS/Javier Barbancho
Anti-austerity demonstrators crowd into Colon square in Madrid Credit: REUTERS/Paul Hanna

The so-called "Dignity Marches" in support of the country's worst-off urged the conservative government not to pay its international debts and to tackle unemployment of 26 percent.

Tens of thousands of people gathered in Madrid Credit: REUTERS/Paul Hanna

The OECD says the economic crisis has hit Spain's poor more than in any other country in the group.


Riot police storms former Greek state TV headquarters

Riot police stormed the defunct Greek state television headquarters in Athens, ending a five-month sit-in from protesters against the broadcaster's closure.

ERT supporters clash with police in Athens on November 7. Credit: REUTERS/John Kolesidis

The government took the channel, ERT, off air in June as part of public sector cuts demanded by foreign lenders.

About 50 sacked journalists refused to leave the building and kept ERT alive over the Internet for five months.

They were finally removed from the building in the pre-dawn raid on Thursday.

Four people were briefly detained, as police fired a few rounds of teargas to disperse the stand-off, officials said.

The government has since launched a new television channel called Public TV.

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