Police foil second car bomb in Egypt's Giza    Belarus to host Ukraine-Russia talks    Liverpool's Gerrard says last three months "worst of my life"    Fabio Capello to remain as Russia coach    EU, US announce new sanctions on Russia over Ukraine    Hassan set for Zamalek after Mido sack    3 militants die in car bomb accident in Giza    43 Palestinians killed on Wednesday as Israel assault on Gaza continues    Fans run on field in AS Roma's victory over Real Madrid    Google doodles on late Egyptian actor Farid Shawqi's birthday    Elegant Louvre Garden in Paris infested with rats    IMF agrees on $5 billion credit line for Morocco    Initiative reports 13 harassment incidents in Eid    Top price of Kenya's highest grade tea rises at auction    Egypt Tops List of Countries that Hate the US the Most - Study    Kerry's Ceasefire Pivot Angers Egypt, Israel—Even the Palestinian Authority    Israeli shelling hits Gaza power plant, 40 killed    Army Kills 7 Militants in North Sinai - MENA    Iran Proposing to Egypt Joint Humanitarian Aid Delivery to Gaza    Dollar Pauses for Breath After Strongest Week Since March    Nikkei Hits Six-Month High on Earnings Hopes; Casino Plays Outperform    Army kills 7 militants in North Sinai    10 children killed in shelling of Gaza park    Africa e-commerce firm expands to new markets    أندية أوروبا تتسابق في تهنئة المسلمين بعيد الفطر    ‘Dangerous' Ansar Beit Al-Maqdis member killed during arrest operation: MOI    Military bands greet travellers on Eid holiday    Almost 100 Palestinians Treated in Egypt Since Start of Israel's Aggression    Egypt-Ethiopia Ties Cannot be Reduced to Dam Issue; Says Egyptian FM    PM Mahlab to Lead Egypt's Delegation in US-African Summit    How Eid changed over time    VIDEO: Wasteful Zamalek fail to break Mazembe    UConn makes 3-D copies of antique instrument parts    Prosecutor general orders release of 45 students for Eid    Keeping up with the changing Egyptian Ramadan    ‘Where is the Queen?'    Kids search for alternatives to omitted children shows    Ramadan desserts go global    High occupancy in Red Sea and South Sinai pre-Eid Al-Fitr: Hotels Chamber    Anti-harassment group to form Eid operation rooms    General Authority for Tourism needs restructuring: Egyptian Federation of Chambers of Tourism chairman    Plan To Move Downtown Street Vendors To Car Park May Cause Traffic Problems    Egypt's El-Sisi to Speak to the Nation Thursday    Egypt Prime Minister Steps In To End Military Issue Surrounding Chelsea's Salah    Handball: Egypt Drawn With France, Sweden In World Championship    Universal Acquires Jolie-Pitt Film Project 'By The Sea'    Egypt To Pardon Prisoners On Anniversary Of 1952 Revolution    Exhibit celebrates mobile phone photography    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.




Your friends recommend

ECB hints at new bond-buying scheme
Published in Daily News Egypt on 04 - 09 - 2012

Details of a new bond buying plan by the European Central Bank (ECB) fueled a surge in some Spanish and Italian debts and increased mediated talks between European leaders.
German Chancellor Angela Merkel met with the President of the European Union (EU) Herman van Rompuy in Berlin on Tuesday, while French President François Hollande travelled to Rome for a meeting with Italian Prime Minister Mario Monti. The meetings came after President of the ECB Mario Draghi said he would be comfortable buying three year government bonds to aid European nations struggling for funding.
Merkel has indicated that Germany would support a more proactive role at the ECB to combat the economic crisis.
“I think there is broad agreement among these people," said Luca Jellinek, head of European interest-rate strategy at Credit Agricole Corporate & Investment Bank in London. “Many people are realising that monetary policy is broken in Europe, badly broken."
The Euro fell 0.2 percent against the dollar yesterday, sitting at $1.2574 by 3.15pm Berlin time after trading on a near two month high, while Italian two year yields suffered the largest drop in a month and falling to the lowest level since March; 25 basis points to 2.38 percent. Spain's two year yield fell 36 basis points to 3.25 percent. Spain and Italy's two year yields were at an all-time on-record low relative to ten year bonds, while Germany's ten year bond yields rose by three basis points, to 1.4 percent. Germany and Italy disagreed last week in Berlin over the details of a broad collective action. Merkel insisted on focusing efforts on budget rigour, while Monti advocated for flexibility on market intervention.
“We have to press for reforms in other countries even if they sometimes say we're hard-line," Merkel said, addressing a crowd in Abensberg, northeast of Munich. “It's not enough just to keep muddling through. But I also say that in such a difficult phase these countries deserve our solidarity and that we root for them to overcome their difficulties."
It is expected that Draghi may provide additional details on the ECB's bond-buying plans on 6 September, when he holds his first press conference after the summer break. Greece will be one of the points discussed by ECB as policy makers anticipate a bailout progress report, due next month, from the principal creditors of the nations; the European Commission, the ECB and the International Monetary Fund.


Clic here to read the story from its source.