Draghi Comments Following ECB Rate Decision; Won't Push Spain into EFSF Aid

The following are some comments from ECB President Mario Draghi following the bank's meeting on Wednesday. Of note, the ECB kept rates flat at 1 percent.

From headlines at the ECB press conference:

• Inflation in Europe likely to stay above 2 percent;
  
• Underlying pace of monetary expansion remains subdued;
  
• 2012GDP growth revised to (0.5 percent) and 0.3 percent;
  
• 2013 growth revised to 0.0 percent and 2.0 percent;
  
• 2012 inflation outlook revised to 2.3 percent to 2.5 percent;
  
• 2013 inflation revised to 1.0 percent and 2.2 percent;
  
• Real interest rates are still negative;
  
• The ECB stands ready to act;
  
• It's Spain's decision on whether it wants to access EFSF or not, not ECB's role to push;
  
• Ireland's return to markets might be closer than expected even 9 months ago. Spread have fallen there much more than other euro area countries; and
  
• Countries outside of Europe also have unresolved financial problems.

U.S. Treasuries said to pare losses following the remarks.

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