The ECB failed to provide anything actionable earlier today. There is some hope that Goldman operative Mario Draghi will shed some additional easing light at the press conference starting momentarily, but don't hold your breath. The focus, if any, will be on how many more months will the ECB pretend Spain is both broke and safe, and how much longer until the OMT, which is really the SMP with the promise of pari passu treatment (which has already been proven to be false following the ECB's refusal to be impaired on its official Greek holdings) is actually put to use.
- *DRAGHI SAYS EURO AREA GROWTH MOMENTUM WILL STAY WEAK INTO 2013
- *DRAGHI SAYS EURO AREA GROWTH RISKS REMAIN `ON THE DOWNSIDE'
- *DRAGHI SAYS INDICATORS DON'T SIGNAL ECONOMIC IMPROVMENT
- *DRAGHI SAYS INFLATION RISKS `CONTINUE TO BE BROADLY BALANCED'
- *DRAGHI SAYS ECB COMMITTED TO REPAIR TRANSMISSION MECHANISM
- *DRAGHI SAYS FINANCIAL MARKET CONFIDENCE HAS VISIBLY IMPROVED
- *DRAGHI: OBSERVED STRENGTHENING OF DEPOSITS IN SOME COUNTRIES
- *DRAGHI SAYS SEGMENTATION IN SOME MARKETS RESTRICT CREDIT SUPPLY