We have vociferously discussed the secondary bond buying by the ECB, specifically highlighting when a lack of intervention allows the real-world risk appetite to sneak through. Bloomberg's Businessweek ties a rather nice bow in the total futility of this effort as since August 12th, the ECB has spent almost EUR 255bn on Italian, Spanish, and French debt (with perhaps a sprinkling of Belgian, Austrian, and Portuguese for good measure) and achieved nothing as every one of those nations
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