ECB bond buys on hold as it prepares new program

The European Central Bank kept a lid on its bond purchase program last week as it presented plans to launch a new and more transparent scheme that will be tied to intervention by the European rescue funds and political action.

In response to a renewed intensification of the debt crisis with Spain and Italy now at its center, ECB President Mario Draghi said on Thursday the ECB may buy further government bonds, but only once countries had turned first to the region's rescue funds for help and agreed to strict conditions.

Some investors were disappointed by the lack of immediate ECB action after Draghi had raised their expectation a week earlier by saying the ECB would "do whatever it takes" to save the euro, which had eased Italian and Spanish borrowing costs.

Read Full Article from Reuters

- Posted: 2012-08-06 11:27:42

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