Draghi kicks investors in the teeth - 2nd August 2012
Investors have been kicked in the teeth today by ECB President Mario Draghi who only days ago said he would do whatever it took to protect the euro but when it came to the crunch he fell well short of being true to his word. After days of building up big expectations for today’s monetary policy meeting things could not have fallen any more flat when all Mr Draghi did was to add further unknowns and uncertainty to the eurozone crisis by saying he “may” intervene further to bring down Spain and Italy’s borrowing costs to more sustainable levels, but hardly enlightened us as to how he might achieve that. Once again he made it clear that it is the duty of governments to act and take control of the situation and unfortunately we all know only too well how inept political leaders have been up to this point is trying to deal with the crisis.
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