News Summary: ECB cuts growth outlook for eurozone

News Summary: European Central Bank cuts growth outlook for eurozone, leaves rates unchanged

Associated Press

GLOOMY OUTLOOK: The European Central Bank expects a 0.3 percent contraction in economic growth in 2013 for the 17 European Union countries that use the euro. It had previously expected economic growth of 0.5 percent for the new year.

RATES STEADY: The central bank's governing council left its benchmark rate unchanged at 0.75 percent at its meeting Thursday. The rate determines what private-sector banks are charged for borrowing from the ECB.

THE OUTLOOK: ECB head Mario Draghi gave little sign he was leaning toward any more cuts to stimulate growth.

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