...In a concession to the Germans, Draghi promised that national central banks would bear most of the risk of their governments defaulting, with just 20% of the new bond-purchases subject to “risk-sharing”. In an aside that will be heard loud and clear in Athens, Draghi also warned that, “some additional eligibility criteria will be applied in the case of countries under an EU/IMF adjustment programme”. That could allow the ECB to exclude Greek bonds from QE if, for example, a future Syriza government ditched the austerity programme imposed by its creditors....
Posted on: Thu, 22 Jan 2015 20:03:07 +0000
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