The ECB have now confirmed that unlimited funds will be in place to buy bonds on behalf of stricken economies to curtail distortions of interest rates that are based of anticipated fears of what could happen to a country and not hard facts. This strategy is called: Outright Monetary Transactions (OMT) and is designed to stop for example Greece being charged 23% interest and Spain 7% on hundreds of billions of euros. When Germany is paying a fraction of 1% for a similar facility.
This news will be very welcome for all the Mediterranean countries but most especially Italy whose debt far exceeds that of Spain, Portugal and Greece combined; standing at approximately 2.2 Billion Euros.
The UK banking sector responded favorably with strong gains as well as all major indices including Americas DOW30..
