Spain Resists Request for Aid from Europe, For Now

By: Thursday September 6, 2012 1:12 pm

So how did the principals react to the European Central Bank’s conditional bond purchase scheme? Well, the German press went nuts but that’s to be expected. More interesting was the reaction of Spanish Prime Minister Mariano Rajoy. As you may now if you’ve been following my stories on this subject, the idea behind the ECB [...]

ECB Announces Conditional Bond Purchase Scheme

By: Thursday September 6, 2012 7:40 am

European Central Bank President Mario Draghi wrapped up his major press conference this morning, and the news was pretty much what we heard yesterday. Draghi announced the formation of the OMT, or Outright Monetary Transactions. It’s an unlimited sovereign debt purchase scheme for those countries which submit to giving the ECB a vote on their [...]

Draghi Hints at Purchases of Sovereign Debt, and Just Saying So Might Be Enough

By: Tuesday September 4, 2012 8:24 am

Yesterday I noted what a consequential week this would be for the European economy, as the European Central Bank prepared to make its decision on how to deal with soaring bond yields in Italy and Spain. ECB President Mario Draghi let some of the cat out of the bag yesterday, hinting that the central bank [...]

ECB Prepares to Reveal Its Decision on Eurozone Rescue

By: Monday September 3, 2012 9:59 am

We have another week where the speeches at a national convention won’t be the most important in the context of the world economy. The European Central Bank meets this week amid high expectations that they will take action to finally arrest the unusually large bond yield price spikes from troubled Eurozone sovereigns like Spain and [...]

ECB Makes Pitch to Germany on Bond-Buying

By: Thursday August 30, 2012 11:13 am

It appears the European Central Bank is ready to pick a fight with Germany over their resistance to saving the Eurozone economy through monetary means. Writing in the German newspaper Die Zeit, ECB president Mario Draghi espoused a viewpoint basically contradictory to the German reserve at using monetary tools to stop cascading bond yields in [...]

The Worst Idea in the World: Securitizing Rental Revenue

By: Sunday August 26, 2012 10:20 am

The last financial crisis can be blamed in large part on runaway securitization. Wall Street giants sliced and diced mortgage loans into bonds that they sold around the world. They claimed that they diversified the mortgage pools so that even a few defaults would not undermine the value of the securities, and they offered tranches [...]

ECB Bond-Buying Confirmed By Second Media Outlet

By: Tuesday August 21, 2012 6:55 am

The European Central Bank spent most of yesterday rejecting any hope of an imminent intervention in the European bond markets, to put a cap on the spread between the yields of the cheapest and most expensive sovereign bonds. But Ambrose Evans-Pritchard of the Telegraph (UK) not only confirmed the existence of the program, but said [...]

ECB Floats and then Denies Mass Bond-Buying Scheme

By: Monday August 20, 2012 7:40 am

According to the German magazine Der Spiegel, the European Central Bank has floated a scheme to set limits on bond yields for sovereign debt among member nations in the Eurozone, essentially through a mass bond-buying program. The European Central Bank is considering setting limits on yields of euro area sovereign debt by pledging unlimited bond [...]

Draghi’s Pieces Falling into Place for Bond-Buying Program

By: Monday August 6, 2012 6:55 am

Bond yields in the trouble spots of Europe have actually come down a bit, as observers get more comfortable with Mario Draghi’s unfolding strategy at the ECB. Remember that this is all based on the idea that labor market reforms in the troubled sovereigns, which amounts to “internal devaluation” or widespread suffering borne on the [...]

ECB Takes No Policy Action, Europe Tanking

By: Thursday August 2, 2012 7:05 am

Europe is tanking today after the European Central Bank’s Mario Draghi quite literally failed to put his money where his mouth is. Last week, Europe cheered when Draghi said in a press conference that the ECB would do “whatever it takes” to save the euro. He also said that the high bond yields in Spain [...]

ECB Bond-Purchase Gambit Does Not Have Consensus

By: Tuesday July 31, 2012 7:35 am

The emperor, or at least Mario Draghi’s, clothes are starting to look more and more invisible at the moment. He can only say “we’ll do whatever it takes to save the euro” for so long before he has to, you know, do whatever it takes. First of all, Draghi can only go so far without [...]

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