European Central Bank President Mario Draghi says his organization has helped pull Europe part way out of its debt crisis. The bank has been the safe harbor for hundreds of billions of dollar in overnight deposits. The figure is so large because banks of wary of loaning money to one another. The anxiety has been that great.
One sign that Draghi may be write is that Spain and Italy have been able to auction bonds at interest levels not seen in months
The ECB’s massive injection of cash into the financial system last month is beginning to lubricate seized credit markets and there are “tentative signs” of economic stabilization in the euro area, Draghi said in Frankfurt yesterday. While “substantial downside risks” remain, he pointed to falling yields on Italian and Spanish debt this week.
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