ECB Peripheral Bond Purchases In Sleepy Christmas Week Double To E1.1 Billion

That sneaky JC Trichet: while the rest of the banker world was preparing to hit the Telluride slopes to spend some of that hard earned taxpayer bailout cash, and otherwise leaving the fate of capital markets to Getco and two or three HFT traders, Trichet was once again busy bidding up every sovereign bond in the secondary market he could find. While in the week ended December 20, the ECB bought just E600 million, which in turn was the lowest since October and before Europe went bankrupt for the second time in a row, last week purchases jumped by nearly 100% to E1.1 billion, bringing the total to E73.5 billion. Which is surprising as there was very little on the surface to indicate that there was so much revulsion associated with sovereign exposures at least as determined by European stock bourses, meaning that equities and bonds even in Europe where there has been at least some tenuous linkage, have completely decoupled and joined their American cousins.