The European Central Bank announced last week that it had purchased €22 billion in government bonds, with the majority thought to be from Italy and Spain, bringing the total amount spent under the ECB’s bond-buying programme to €96 billion.
The figure was higher than expected, and could still be increased, because some of the purchases were not settled in time to be included in the figure.
Despite the significant purchases, questions still remain over how long the ECB will continue to purchase Italian and Spanish bonds, and how much it is willing to spend. The ECB has a total exposure of €444 billion to the peripheral economies. The official reserve assets of the ECB in June 2011 stood at €580.9 billion.People’s Movement · 25 Shanowen Crescent · Dublin 9 · www.people.ie · 087 2308330 · post (at) people (dot) ie The People’s Movement has launched a new pamphlet entitled The European Stability Mechanism and the case for an Irish Referendum.