Financial Times
October 3, 2011
The European Central Bank bought fewer government bonds in the last five days of September than the previous week, a sign it is paring back its purchases even as market suffer continued jitters over the Greek sovereign debt crisis.
The central bank for the 17-country eurozone said it bought €3.8bn of eurozone sovereign paper through its controversial bond-buying programme, compared with €3.95bn the week before.
Governing council member Christian Noyer, head of the French central bank, said future purchases would be “limited” and called upon governments to act as the “liquidity backstop” for indebted partners.
Eurozone finance ministers met on Monday evening to discuss giving their €440bn rescue fund the fire power it would need to help Italy, or to give banks new capital in the event of a Greek default.
Investors have been gripped by new fears about the eurozone’s stability as Greece’s ongoing difficulties in plugging its public deficit added to doubts about its ability to avoid default.
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