ECB cuts main interest rate to zero percent

FRANKFURT, Germany (AP) – The European Central Bank has cut all its main interest rates including a surprise reduction in the main refinancing rate to zero percent from 0.05 percent.

It also reduced the interest rate on deposits held by banks at the central bank to minus 0.4 percent from minus 0.3 percent.

And it expanded its monthly bond-buying program to 80 billion euros ($85 billion) a month from the previous 60 billion.