HIGH EXPECTATIONS: When European Central Bank head Mario Draghi said that he was ready to "do whatever it takes" to save the euro, he fueled investor hopes the bank would again start buying government bonds to lower borrowing costs for struggling countries.

THE REALITY: But the ECB has tried bond-buying before, and it didn't work very well. It fell short of decisively lowering borrowing costs for stricken Spain and Italy.

THE OUTLOOK: Draghi is certain to face questions Thursday at his news conference after the bank's government council meets about possible bond purchases and the financial turmoil in Europe.