Spain tightens on hopes of greater ECB support

Hopes rise that ECB may make more resources available to bail-out country

Comment by: Anonymous. Posted 11 years ago [2012-07-26 21:12:15]

Leveraging the ESM with the ECB as the lender above the first-loss is a mirage. It's a sleight of hand that obscures the reality that it would simply be ECB money printing to pay maturing debt for Spain (and then Italy, Belgium, and so on). Of course, this deliberate Euro devaluation may work - it's really one of the two realistic choices.