ECB says will "actively implement" bond-buying (pace of crisis quickening)

Reuters ^ | 08/07/11 | Paul Carrel

[TigerLikesRooster]

ECB says will "actively implement" bond-buying

Sun, Aug 7 2011

By Paul Carrel

FRANKFURT (Reuters) - The European Central Bank said on Sunday it would "actively implement" its controversial bond-buying programme to fight the euro zone's debt crisis, signaling it will buy Spanish and Italian government bonds to halt financial market contagion.

After a rare Sunday night conference call, the ECB welcomed announcements by Italy and Spain of new deficit cutting measures and economic reforms as well as a Franco-German pledge that the euro zone's rescue fund will take responsibility for bond-buying once it is operational, probably in October.

"It is on the basis of the above assessments that the ECB will actively implement its Securities Markets Programme," an ECB statement said.

The statement marked a watershed in the ECB's fire-fighting efforts after modest bond-buying last week failed to stem contagion to the currency bloc's larger economies.

[TigerLikesRooster]

While this is going on, bickering will continue between WH and S&P over whom to blame for U.S. downgrade: Zero or Beers?

[palmer]

The only mistake S&P made was not downgrading US long term debt two notches right away.

[The Magical Mischief Tour]

Guys and gals.... be careful what you wish for, the whole damn system is on the verge of collapse and when so goes it will make the Great Depression look like a kids birthday party.

All of you wanted the US to default, screamed and cheered the S&P downgrade well congratulations.

You are about to enjoy a front row seat to the benefits of your desires and wants.

[John W]

That’s an interesting take on things. What were you hoping/cheering for?

[Oceander]

Hmmm. And just what universe was it that you inhabited? As measured by actions, your words ring false. The fact that the S&P downgraded the US - and was already fully-prepared to do so a month or more ago - has to do with the willful failure to fix the things the democrats/liberals/RINOs have been pushing for for years - unfunded social entitlements - and has very little to do with what anyone here has been saying. In fact, the party line here was, by and large, that the unfunded social entitlements needed to be dealt with now, first and foremost, not kicked down the road for ten more years.

In other words, had the warnings raised here been honored, the likelihood of a downgrade by S&P would have been reduced, not increased.

No, my "friend," we've a front-row seat, but at the "benefits" you and your ugly little pinheaded liberal friends have "bestowed" on this country.

This is well and truly the Obama Downgrade.

[GOPJ]

No one wants the dollar to collapse. Those who prepared to survive will have it easier for the first 6 months of this crisis. After that, all of us - with few exception - will live with grinding poverty for the rest of our lives. A worthless currency is provocation to our enemies too. They'll be rubbing their hands together in anticipation of new weaknesses - and make no mistake, we will be weaken by a currency collapse.

It's time for liberal men - men who attempt to curry favor with their ball busting feminist women - to quit 'giving it all away' to any pathetic victim group their women favor. It's time for them to join conservatives and try to protect the country.