European Central Bank continues bond-buying
The European Central Bank continued its efforts hold down the interest rates paid by highly indebted governments in the region, buying $20 billion worth of government bonds over the past week, according to newly released figures.
Analysts say the bulk of the money was likely spent on bonds from Italy and Spain, two large economies where rising interest rates earlier this month raised fears about whether they could continue to pay their bills.
European countries, already strained by emergency bailouts for Greece, Ireland and Portugal, would be hard-pressed if either Italy and Spain needed to be rescued. Bailouts for either of those nations would tax the financial tools available, possibly cause crippling losses for banks throughout the area, and be politically difficult to engineer.
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Source: http://feeds.washingtonpost.com/click.phdo?i=179d0ae3678a62a96297e02cf7a08b36
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