"The Message From The ECB Was Clear"

[koganbot]

Or not.

Dueling headlines, both from the Associated Press:

ECB's Draghi: Bank may intervene on bonds (this is the one that claims a clear message)

Draghi authority tarnished as Germany blocks plan

(Top piece by David McHugh, bottom by Colleen Barry.)

Comments

Update

[koganbot]

Krugman has this update, which he doesn't elaborate on:

"Update: Rumor is that the ECB is actually going to do more than Draghi seemed to say."

And now he's on vacation, leaving this plea:

"Note to the Europeans: you cannot have a crisis for the next couple of weeks, because I'm going on a long-scheduled family vacation — probably without internet access most of the time. Please wait until the last week of the month."

Spanish 10-year bonds back over 7:

7.165

Re: Update

[dubdobdee.livejournal.com]

http://ftalphaville.ft.com/blog/2012/08/02/1105721/was-draghi-really-a-disaster/

^^^Can't pretend I follow much (or indeed any) of this, but I saw several people linking to it as perceptive today.