Thursday, May 31, 2012

Draghi Lays It on the Line

Mario Draghi, less reticent than his French predecessor J.-C. Trichet, has blasted the political leadership of the eurozone and put political leaders on notice that things cannot go on as they have for the past two years. The ECB will support solvent banks with liquidity but not insolvent ones. Spain's Bankia is clearly in the line of fire, and Draghi is warning that the next step is up to the politicians.

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