European Central Bank Announces Conditional Bond Purchase Scheme

By: Thursday September 6, 2012 9:55 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 fiscal policies.

 

Mario Draghi’s Cunning Strategy to Subjugate Weak European Nations

By: Wednesday September 5, 2012 11:10 am

This is about the worst possible policy announcement the ECB could make. The only hope is that the bond market finds it credible enough to never test it.

ECB’s Draghi Hints at Purchases of Sovereign Debt; Is Just Saying So Enough?

By: Tuesday September 4, 2012 10:40 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 would purchase short-dated sovereign debt instruments from those nations. Just hinting at this is already affecting markets.

Draghi’s Pieces Falling into Place for Bond Buying Program

By: Monday August 6, 2012 8:20 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. He appears now to have at least qualified approval from Merkel’s government, if not from the German Central Bank, provided the German Supreme Court finds the use of the bailout mechanism to support bond purchases permitted by the German Constitution.

ECB Takes No Policy Action, Europe Tanking

By: Thursday August 2, 2012 8:10 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 and Italy interfered with his ability to conduct monetary policy.

ECB’s Mario Draghi Promises “Whatever It Takes” to Save the Euro

By: Saturday July 28, 2012 7:00 pm

European markets have surged over the last 24 hours, basically entirely due to a speech by Mario Draghi, the head of the European Central Bank. He said that his organization would do “whatever it takes” to save the euro, and that was apparently all it took.

Europe’s Financial Elites to Greece: Drop Dead

By: Saturday June 16, 2012 5:00 pm

The New York Times has a lengthy, heart rending account of the suffering Greeks are going through as their economy collapses, money disappears, businesses close, and their ability merely to survive faces increasing risks. More here from The Guardian on the collapse of health care system.

If there had been an equivalent natural catastrophe — a massive tsunami or earthquake — the response to the human suffering on this scale would, one hopes, be entirely different. Whatever else y0u do, you save the people first.

But this human catastrophe — with echoes in Spain, Portugal, Ireland — was entirely man made by Europe’s financial elites.

ECB Declines to Lower Rates, Still Waiting for European Leaders to Act

By: Wednesday June 6, 2012 9:50 am

The European Central Bank announced today that it would not lower its bank lending rate from the current 1%. Although it’s not clear now much benefit a rate reduction would have achieved, observers had hoped the ECB would at least signal in some way it’s willingness to do much more to support the falling economies in Europe and particularly the Euro zone nations. But ECB head Mario Draghi threw cold water on that.

Mario Draghi’s Admission: Lying to Europe (Update: Irish Vote Yes on Austerity Pact)

By: Friday June 1, 2012 10:10 am

The Euro-zone is at best a half-baked idea with a lot of missing ingredients, and what’s missing is everything that matters. They either need to add the missing ingredients, and soon, or start cleaning up the mess they’ve made in everyone’s kitchen.

ECB Head Draghi: Eurozone “Unsustainable” in Current Form

By: Thursday May 31, 2012 3:30 pm

The head of the European Central Bank Mario Draghi said today that the structure of the Eurozone currency union was “unsustainable.” Aside from this being a reaction to pressure about the ECB’s conduct during the crisis, it appears to be an acknowledgment that the leadership is either unwilling or unable (I think the former) to take the necessary steps to prevent a catastrophe.

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