ECB’s Villeroy says debt cancellation would be dangerous path. His comments were published after Italian PM Conte’s top adviser said the ECB could cancel sovereign bonds bought under its pandemic program or hold them in perpetuity to help Eurozone recover.
Eurozone shares +0.7% (+1.8% for wk) US shares +0.2% (+2.3% wk) to record high US 10 yr yld -4bp to 0.84% Oil -0.4% to $45.5 Gold -1.5% to $1787.8 Iron ore +0.1% to $124.4 ASX futures +0.6% $A 0.7387 & threatening to break higher with $US index -0.2% & threatening to break lower
The Bank of England just announced it will finance the gvt directly. Meanwhile in the eurozone the tragi-comedy of errors, also known as the Eurogroup, will reconvene tonight to proclaim that the crisis is SO urgent that it will do NOTHING of macroeconomic significance.
"The evidence is irrefutable: the UK economy has grown faster than Germany, France and the eurozone as a whole for most of the last two years."
Eurozone grew by only 0.2% in Q3, well below modest growth in U.K. and suggesting it’s not only Brexit Britain that has a problem with low growth.
Bravo Podemos! A small step that may turn into a large faultline shattering the Eurozone's crisis-denial & austerian contempt for democracy.