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ECB to take back money from markets

After pumping in billions of euros to banks eager for cash in December, the European Central Bank on Wednesday said it would - as expected by money markets - remove much of that money.

The bank, which oversees monetary policy for the 15-nation euro zone, said it would mop up as much as €200 billion ($294.4 billion) from European money markets, a routine operation for the bank. The rate for the withdrawal was set at 4%. Last week, the bank drained nearly €101.6 billion ($149.5 billion), and said on Dec 31 it intended to absorb another €150 billion ($220.82 billion). (businessweek)