Making good on earlier promises, European Central Bank chief Mario Draghi has unveiled a huge bond-buying program aimed at tackling the European debt crisis.

A survey out this morning shows that manufacturing in the eurozone has fallen for the 13th straight month -- not a great start to what will be a big week for the European Debt Crisis. On Thursday, the head of the European Central Bank, Mario Draghi, is expected to tell us what he meant when he said he'll do "whatever it takes" to save the euro.

In Frankfurt, the head of the European Central Bank Mario Draghi held a press conference. Everyone was waiting to see whether Draghi would announce new stimulus measures, after saying last week that he'd do whatever it takes to save the euro.

In Spain today, the government announced new austerity measures to meet the terms of the bank bailout early this month: $80 billion worth of tax increases and pay and benefit cuts.