ECB holds Eurozone interest rates

Jessica Morris
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The ECB held its benchmark interest rate at 0.05 per cent (Source: Getty)

The European Central Bank (ECB) kept interest rates unchanged at records lows, at a meeting of its 25-member governing council today.

"At today’s meeting the Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.05 per cent, 0.30 per cent and -0.20 per cent respectively," it said in a statement.

ECB boss Mario Draghi will give a press conference later this afternoon and he's expected to shed more light on the European Central Bank's thinking regarding the ongoing Greek debt crisis.

Read more: Europe offers bailout to Greece as ECB raises bank support

Greek parliament voted during the early hours of this morning in favour of the deal Prime Minister Alexis Tsipras had accepted from creditors, starting progress on a third bailout, in the early hours of this morning.

The deal includes austerity measures such as wage and pension reforms, which the Greek people recently voted against in their referendum, in order to set off a third bailout worth close to €86bn and ensure the indebted country does not crash out of the Eurozone.

Further terms include an increase in VAT on all goods and services and a mechanism to restrict further public spending.

EU leaders must now give the deal the green light, and this is expected to happen before the end of this week.

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