The markets payed a call on Europe but the masters of the house, Cindeurella and the Prince, were both on vacation at different low cost beaches. They were ushered to a waiting room by the doorman, an impressive gentleman of … Continue reading
Posted in Cindeurella, Debt, Fiscal policy, Monetary policy, Politics, Trichet
Tagged debt, ecb, EFSF, euro, Europe, monetization, SMP
After an heroic resistance, the ECB has finally had to capitulate and reach (once again) beyond its constitutional mandate, by restarting its Securities Markets Program, this time to acquire Spanish and Italian bonds in the market.
On February 11th, Portugal announced that it would buy back up to 9,4 bn of it’s own bonds in a reverse auction to be held this week.