Markets crumble as Draghi bond plan deemed too vague – Telegraph.
The President of the European Central Bank, Mario Draghi, had promised that the ECB would do “whatever it takes” to save the Euro.
However, after the latest round of talks his promises sound rather shallow.
Instead of a firm plan of action, yet again difficult decisions have been postponed. Draghi has hinted that the ECB will buy up Spanish and Italian bonds on a scale not yet seen, though no concrete plans have been announced. Draghi’s “whatever possible” at present is three teams of ECB experts looking at what can be done.
In the meantime: Spain, Greece and Italy are quickly running out of time.
The markets seem to see sawing…one day up on rumours of a rescue package and almost immediately down the next day as fear creeps in.
There is talk now of the Olympics being a failure for Britain’s economy as the west end of London is void of tourists inspite of the games being hosted.
These are tough times for Europes economy.