Pressure mounts on ECB as debt crisis worsens AFP
FRANKFURT — Pressure grew on the European Central Bank to step in Thursday and calm financial markets as ECB governors meet here amid the latest flare-up in an increasingly dangerous eurozone debt crisis.
"At least they can send a message to say that this cannot carry on and there will be measures taken," urged Angel de Molina Rodriguez at the Spanish brokerage Tressis.
Traders have sent the yields and risk premiums on Spanish and Italian bonds to record highs in recent days, threatening to spread the eurozone debt crisis to its third- and fourth-largest economies.
With the US debt crisis now resolved, the markets have shifted focus to the apparent economic slowdown, which has intensified concern that slow-growth Italy and Spain will be unable to cope with their debts.
RBS economist Nick Matthews added that "with the periphery crisis deepening, we expect the ECB to ultimately be forced to resume (sovereign) bond purchases before year-end," a timeframe that looked quite accomodating indeed.
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