FINANCIAL TIMES: ..In the absence of instant action, borrowing costs for Spain and Italy surged and stock markets fell after [Mario] Draghi made the revamped asset buying programme conditional on joint action with the eurozone bailout fund. In a game of brinkmanship, Madrid and Rome gave no signal they were prepared to accept the conditions that would be imposed by the European Financial Stability Facility.
Mr Draghi said the ECB “may consider” again buying short-term government debt, but would expect “strict and effective conditionality” to be imposed by the EFSF.
“The euro is irreversible,” Mr Draghi said. “It stays … It is pointless to bet against the euro. It is pointless to go short on the euro.”… (more)
