Traders: ECB won't buy bonds

Investor's Business Daily
January 2013
Investors Business Daily;1/15/2013, pA02
The European Central Bank won't use its bond-buying program to aid ailing eurozone gov'ts in 2013, according to 13 of 23 money-market traders polled by Reuters. They don't think Spain, Italy or any other eurozone nation will request an int'l bailout � a precondition for ECB bond buying. For much of last year, Spain was widely expected to need a bailout because rates were so high. But ever since ECB Pres. Mario Draghi announced in mid-'12 that he'd do whatever it takes to support the euro, sovereign bond yields have fallen significantly. Spain is in a recession and does have hefty debt issuance this year.


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