While Draghi pontificates over plans to offer Spain and Italy a precautionary credit line and buy 1-3 year bonds "to an unlimited amount", a reminder of the rottenness of the Spanish economy.
Derek Workman writes about corruption in Valencia.
Corrupt banks, rotten Regional governments, high and rising unemployment, collapsing property market ... what's to like abut the Spanish economy?
Draghi's bonds couldn't begin to cleanse these Augean stables.
2 comments:
Question of time - that's all it is.
Got to agree, all this ECB bond buying won't address any fundamental problems.
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