16th August 2011
The ECB bought an extra €22 billion in bonds last week to bolster the already free falling economies of Spain and Italy. This now makes the total of bond buying up to €98 billion. The rumours about a future Eurobond continue to do the rounds. The bond would mean all 17 countries have responsibility for the underwritting of the bond and the risks to default attached to them , something which many may not want to get involved with. The fact is Germany has been propping the Eurozone up for the last 5 years, and the ability to start to spread some of the sovereign risk they underwite might mean the Eurobond gets the green light. Europes future is more important that its past and if lessons aren't learned and quickly then we have a very dark one ahead us.
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