The ECB is ready to buy BTPs after Germany's painful green light

Sunday of feverish consultations in Europe and between Europe-America-Asia in view of the reopening of the markets of one of the most difficult financial days in recent times. After the difficult go-ahead from France and Germany, the ECB will intervene decisively on the market by buying BTPs and Bonosi problems on the table: whether or not to give the ECB the political go-ahead to buy large quantities of BTPs and Bonos in order to calm the markets and support the government bonds of the two countries in difficulty. The goal is to reduce their spread with German Bunds and send a strong signal to the markets on the sustainability of their respective public debts. In a joint press release, France and Germany claimed to appreciate the advance of the economic maneuver decided by the Berlusconi government but they also urged Italy to quickly implement what was promised.
The other issue disturbing the markets is the downgrading of the US debt rating by the S&P agency which has given rise to furious controversies between the Obama administration and the agency, which has replied by arguing that its judgment can worsen further if the US government does not intervene vigorously on the debt. In such a difficult situation, US Treasury Secretary Geithner has decided to stay in his place and alongside Obama. The S&P agency instead confirmed the triple A rating for France.