| The European Central Bank will pump extra cash into struggling sovereign bonds and devise a new weapon to keep yields in check, as it tries to protect Italy and Greece from a potentially crippling surge in borrowing costs.
Italy’s debt-to-GDP ratio is 150 per cent and Greece’s is almost 200 per cent, compared with just under 70 per cent in Germany and 113 per cent in France.That means investors are at perpetual risk of panic over Italian and Greek borrowing costs - and a trigger came when the ECB said last week it was preparing to stop buying bonds and to start raising interest rates.
The ECB statement said the bank could now consider “preserving the functioning of the monetary policy transmission mechanism” in reinvesting funds that were otherwise earmarked strictly for combating the economic effects of the pandemic. “There is no guarantee they will reach an immediate consensus, so it wouldn’t be surprising if spreads widen some way further before policymakers are forced to act.”
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