The European Central Bank raises its hands: "Last week we did not buy any eurozone government bonds". In short, from Frankfurt they deny that the most obvious of the emergency procedures has been put into practice. Yet the ruminations do not stop on the markets. The suspicion that some help had arrived from the ECB to the most needy European countries, and in particular to Italy, arose after the satisfactory Bot auction on 12 July last. While experiencing increased yields, the securities on offer had received applications equal to one and a half times the proposed amount.
But the data that emerged today contradicts every illusion: for the sixteenth consecutive week the institution has not made any purchases and the amount of forfeited bonds remains unchanged at 74 billion euros. For months, every operation of this type has been interrupted and it seems that the ECB, even without formally making it explicit, is not willing to further expose itself to the risk of losses.
