by Bill McBride on 8/07/2011 04:33:00 PM
Sunday, August 07, 2011
UPDATE2: From ECB:
7 August 2011 - Statement by the President of the ECBUPDATE: from Reuters: ECB to intervene decisively on markets - source (ht Rickkk)
6. It is on the basis of the above assessments that the ECB will actively implement its Securities Markets Programme. This programme has been designed to help restoring a better transmission of our monetary policy decisions – taking account of dysfunctional market segments – and therefore to ensure price stability in the euro area.
"The Euro system will intervene very significantly on markets and respond in a significant and cohesive way," the euro zone monetary source said, adding a statement by the ECB will be issued shortly.From the WSJ: ECB Officials Weigh Massive Purchases of Italian, Spanish Bonds
European Central Bank officials on Sunday evening were weighing whether to purchase government bonds of Italy and Spain on a massive scale ... ECB intervention to prop up Italy and Spain would be a watershed in Europe's effort to fight the financial crisis.Also the G7 is expected to put out a statement later today.
Sunday's meeting, which began in the early evening via a video conference ...
Sunday is the new Monday again.
• A long Summary for Week ending August 5th
• Schedule for Week of August 7th
Posted by Bill McBride on 8/07/2011 04:33:00 PM