Euro Crisis : Draghi's Speech Sees Markets Bounce

European Central Bank (ECB) president Mario Draghi’s pledge to “do whatever it takes” to save the euro saw markets close well up yesterday.

Germany’s central bank views the implication the ECB might start buying Spanish or Italian government bonds, or launch a full-scale quantitative easing package, as “problematic” according to a Dow Jones report.

The Bundesbank has also reiterated that it opposes the notion of giving the European Stability Mechanism a banking licence.

This had a predictable impact on the markets, pushing up the yields on Spanish and Italian bonds – which had fallen sharply yesterday = and sending the euro lower.

Meanwhile, data released today shows there are now 5.7 million people officially out of work in Spain, or 24.6 per cent of the population, the highest rate since records began.

 

 

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