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first_imgWednesday 1 December 2010 8:29 pm Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family Proof Tags: NULL whatsapp whatsapp THE European Central Bank (ECB) is expected to announce a resumption of its special government bond-purchasing programme today in a desperate bid to stop the spread of the sovereign debt crisis in its tracks.But the markets are likely to be disappointed by the scale of its intervention, with most analysts saying that the ECB would have to buy gilts on the scale of the Federal Reserve’s $600bn (£384bn) quantitative easing programme to halt the euro contagion. Capital Economics’ Jennifer McKeown said: “Its purchases have been really small compared to sovereign financing needs. To really make a difference, it would probably need to purchase about €500bn – seven times the size of its purchases so far.”The ECB has reluctantly stepped up bond purchases slightly in recent weeks and on Tuesday, ECB president Jean-Claude Trichet suggested that it might scale up its activities. Many suspect the ECB has already increased its intervention in secondary bond markets, for example during yesterday’s auction of Portuguese debt. Evolution Securities’ Elisabeth Afseth said it “wouldn’t be a surprise if they had bought paper ahead of the auction”.The auction saw strong demand, for €500m of 12-month debt, but Portugal was forced to pay an unprecedented premium for the cash. Yields rose to 5.3 per cent, versus 4.8 per cent just a fortnight ago.Most observers view these soaring sovereign borrowing costs as unsustainable for the Eurozone’s peripheral members. However, unlike the Fed, the ECB is only permitted to buy sovereign debt in the secondary market. Show Comments ▼center_img KCS-content Share Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoMoneyPailShe Was The Dream Girl In The 90s, This Is Her NowMoneyPailUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesUndoElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldUndoHealthyGem”My 600-lb Life” Star Dropped 420 Pounds, See Her NowHealthyGemUndoZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldUndo ECB purchase not enough last_img read more