Wall Street Journal
December 13, 2010
It is time for Jean-Claude Trichet to show his cards.
Anecdotal reports that the European Central Bank bought big quantities of Greek, Irish and Portuguese debt in early December narrowed the difference between the yield on those bonds and benchmark German bunds, easing contagion fears.
At the time, the ECB did nothing to temper speculation it was buying heavily. There were signs it even bought bonds while Mr. Trichet, its president, conducted his monthly news conference on Dec. 2, a symbolic show of force. But maybe the ECB was bluffing and didn't buy so many bonds. Markets will find out Monday just how much it bought when the ECB issues its weekly bond-buying report.
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