Markets jump as Draghi takes drastic action to boost eurozone

Stock markets have jumped this afternoon following a series of drastic measures from the European Central Bank to stave off a downturn and boost inflation.

The ECB President Mario Draghi - who has been under increasing pressure to tackle mounting problems in the eurozone - this afternoon cut interest and deposit rates to fresh historic lows. The benchmark interest rate has been cut from 0.25% to 0.15%, while the deposit rate has entered negative territory at a rate of -0.1%, meaning it will now cost banks interest to deposit money with the ECB. The aggressive measures have been welcomed by markets across Europe, especially in southern and peripheral countries which have been hit the hardest during the economic slowdown. Spain's IBEX 3...