Bond markets rally as ECB moves on Italian and Spanish debt

Yields on Italian and Spanish debt fall as European Central Bank signals it will implement its bond purchase programme


The European Central Bank (ECB) has broadened its bond purchase programme to include Italian and Spanish paper, in a bid to ease market tensions and stave off the threat of contagion.

The ECB refused to confirm or deny whether it had purchased Italian and Spanish debt through the bond buying programme. However, analysts who spoke to said it was clear the ECB was taking "large positions" in Italian and Spanish paper.

In a statement released on August 7, the ECB's Governing

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