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Mario Dragi has today at last announced that the ECB will buy an unlimited amount of Eurozone countries debt. He also agreed the ECB will not be treated at a preferred creditor.

Each nation will have to sign up to restrictive program of stability and austerity. Bond buying will stop if they break it.

This is the first meaningful move in the entire Eurozone crisis which may go some way to stablise markets and the Euro.

The Bundesbank dissented and are against the plan. Opposition by Germany will be significant in delivering this.

http://www.bloomberg.com/news/2012-09-06/draghi-says-officials-agree-on-ecb-unlimited-bond-buying.html

[angie]

It’s interesting that a comments writer of the article, from dar economics as a result of today’s news, finishes with, ‘I believe the breakup of the Eurozone is inevitable, but the timing is indefinite’ 🙄 🙄

I think this is a reference to ‘kicking the can further down the road’ etc etc

[Author]

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