Mario Draghi
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Markets turn to Draghi for way out of financial crisis

2 August 2012 Last updated at 22:43 BST

The President of the European Central Bank says plans to intervene directly in the Eurozone crisis will be drawn up over the coming weeks.

Mario Draghi insisted the Euro was here to stay and he repeated his promise to do whatever it took to save the currency, including buying government bonds on the open market to reduce the borrowing costs of Spain and Italy.

However, the lack of any detail disappointed the financial markets.

The BBC's Stephanie Flanders reports.