The European Central Bank announced its decision to intervene in Italy and Spain in order to prevent a wider financial crisis. A monetary source reports that the institution will buy government bonds of the third and fourth largest economies in the eurozone. "The Euro system will intervene very significantly on markets and respond in a significant and cohesive way," the source said. The ECB also plans to discuss emergency liquidity measures in order to prevent money markets from freezing. The bank is expected to release a straight statement soon.