ECB pins hope on new rescue measures to save Eurozone
The commencement of the ECB’s government bond purchase programme and the announcement of an EU loan facility for struggling peripheral countries resulted in an immediate tightening of spreads. Yet uncertainty remains as to whether beneficiaries will be able to push through the tough austerity measures that are conditional to the schemes.
With sovereign debt concerns continuing to hang over the Eurozone, despite the confirmation in early May of a €110 billion bailout package for Greece, European Union leaders were forced to take more drastic action to safeguard the solvency of the entire region.
Having set themselves a deadline of the start of trading on Monday May 10 for their latest initiative, the leaders of the 27 EU nations concocted a large-scale rescue programme designed to combat dislocation in the European sovereign
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