ECB Cures Debt Crisis Concerns… For Now

Описание: In recent days, Eurozone government debt markets had been showing signs of increasing stress.

Ever since Lagarde said “it is not our job to tighten spreads” (i.e. the difference in the interest rates being paid by the Germans and Italians for new debt, for example), spreads had been widening. Indeed, the interest rate on Italian 10 year debt had shot up to 3% from less than 1.5% a week ago.

Her statement at the time had been taken as “we are not willing to do whatever it takes to save the Eurozone”, a reversal on prior President Draghi’s famous “we will do whatever it takes” moment.

As such, traders were beginning to lose faith that the ECB would be willing to step in to save the Eurozone should everything go south.

But overnight the ECB made a sharp reversal on this stance.

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