Thursday, August 2, 2012

Waiting for Spain to call for help?

ECB gearing up to buy euro zone bonds, but not yet

"With its key German member dissenting, the European Central Bank took a heavily conditioned step on Thursday towards a new round of bond buying to drag down Spanish and Italian borrowing costs, but said euro zone governments must act first. ECB President Mario Draghi indicated any intervention would come at the earliest in September once governments had activated their rescue funds to buy bonds, and the countries at risk had requested assistance and accepted tough conditions". Those hopeless property loans coming home to roost?

Posted by alan @ 05:44 PM (1234 views)
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2 thoughts on “Waiting for Spain to call for help?

  • They are waiting until after the US Presidential election, when gold will be allowed to go to the moon, just like in 2008.

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  • general congreve says:

    @1 – They haven’t got that long surely? Unless you mean they plan to just keep pumping enough in to keep things from falling over until then. But as far as I’m aware the Spanish have outright said they need several billion Euro now, up considerably from the 100 billion they needed for their banks (40 billion the week before). There are big rumblings from Italy too. Without decisive action in September, surely it’s all game over soon?

    And don’t Germany have to agree to the BIG PRINT? It’s getting to the point where for them where the least bad option is to pull up the draw bridge, even if their will still be plague within their own walls. They are already immediately coming out and countering every announcement of free money that Draghi makes.

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