Not over - not by along shot. I still expect increased talk of an orderly restructuring. I am not sure it will happen, but chances are above 50%. Still very shy of the Euro.
This is my effort to help fit the pieces together to get a better picture of the capital markets.
“It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.”
Tuesday, November 9, 2010
ECB Buying Govt Debt Again
ECB forced to act as crisis fears rise (FT) The ECB said it spent €711m ($991m) buying government debt last week, reactivating an emergency program that had lain dormant in the previous three weeks. That almost certainly understated significantly the scale of its actions, with purchases late in the week still to feed into the published figures. Its latest intervention pointed to mounting ECB concern, but last week’s bond purchases were still small in comparison with the €64bn ($89bn) spent since May, when the programme was launched at the height of the crisis over eurozone public finances. Jean-Claude Trichet, president, has said the ECB programme was aimed simply at ensuring the correct functioning of markets. Axel Weber, Germany’s Bundesbank president, has voiced public opposition to even the current program, which he fears is creating inflation risks.
Not over - not by along shot. I still expect increased talk of an orderly restructuring. I am not sure it will happen, but chances are above 50%. Still very shy of the Euro.
Not over - not by along shot. I still expect increased talk of an orderly restructuring. I am not sure it will happen, but chances are above 50%. Still very shy of the Euro.
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