Central banks hold rates steady Central banks hold rates steady

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The European Central Bank left its bench mark interest rate at a record low of only 1 percent for the 11th month running Thursday as the 16 nations that use the currency find recovery from recession fragile.

In the press conference after that decision, the bank's president Jean Claude Trichet is expected to keep his tone, especially as many countries in the euro zone enact big budget cuts to get their financial houses in order.

The main point of interest in the markets Thursday ahead of the European Central Bank rate decision is what is going on with Greek borrowing costs in the money markets earlier the spread between Greek and German 10-year bond yields widened to 4.4 percentage points earlier, its highest level since the euro was introduced in 1999. The higher the spread, the less confidence markets are showing in Greece's ability to pay