Vladimír Urbánek (Kurzy.cz)
Markets  |  July 26, 2012 15:12:34

Comments: The crisis is unprecedented, it also wants an unprecedented defensive measures


ECB through its chief declared that the euro will do to save all the oppressed and that this happens through the action that will contribute decisively to the crisis. The market immediately started to speculate what would the ECB could still pull off a magic hat. Most often talks about the possibility of direct purchase of Spanish bonds. Proliferate to various comments. A relatively large set of them represent the reaction in the sense that all the actions which the ECB has so far demonstrated to defend the euro had only a temporary effect and that it will be the same even if the new rescue.
For example, according to AllianceBernstein chief Arif Hussein is the current European debt crisis unprecedented and therefore also requires an unprecedented response. Anything but the ECB can do does not fall within this definition.Ralf Ahrens from Frankfurt Trust, says it's hard to imagine an effective response by the ECB, because a crisis is a solvency problem and not just trust and lack of market liquidity. Simply printing money is not enough. To improve the situation needs to the Spanish government has come up with such measures to convince investors about the possibility of managing the current problems.
A similar view is also a fund manager M & G Michael Riddel. Another round of events as LTROs in the current situation would be even less effect than in the previous 2 cases.
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