06-09-2012

ECB and the Conditionality Issue 欧洲央行和条件限制发行

It could take time for the market to realize, but for all the fuzz about today's BCE press conference, one thing the market seems to ignore is that no purchase of either Spanish or Italian debt will be in place if first the two states do not access to EU help-line.
May-be initial reaction to Draghi's words will be positive but it should be noted that unless spreads on the debt of both countries fall dramatically for purely market-driven mechanisms, Spain and Italy will still have to request aid. Italian politicians will resist the process that would finally dent into public expenditures. The process is going to be all but smooth.
这可能需要一段时间的市场来实现所有绒毛关于今天的BCE会议1东西市场似乎忽略的没有购买无论是西班牙意大利的债务地方,如果第一次2的状态没有访问欧盟求助热线
五月德拉吉最初的反应积极的,但应注意除非传播急剧下降纯粹以市场为导向的机制西班牙和意大利srtill请求援助意大利的政客们将抵制的过程最终会削弱公共支出这个过程将是所有,但光滑


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