Casting aside their differences over how to contain the continuing debt crisis, Europe’s leaders on Thursday pledged to do “whatever is required” to defend their embattled currency.Re: Spain, maybe. On the other hand, maybe the ECB is just taking a break from the buying spree it has been on the last couple of weeks. When you hear about the PIIGS having "successful" debt auctions, ask yourself, "Is that because free-ish market actors are subscribing -or- is it a contrived 'success' because the ECB has stepped in with the cheque book?"
They also agreed to create a permanent support fund for the euro after 2013 — something they hope will be a first step to calming the markets.
But even as they moved to restore investor confidence, the seriousness of the euro’s plight was underlined by events in beleaguered countries. Spain paid a sharply higher interest rate on an auction of long-term bonds than in its previous sale, reflecting investor fears about the country’s indebted economy.
Friday, December 17, 2010
Half the story...
Our Source? The New York Times:
Posted by Georges at 01:08