ECB spent €22bn last week buying up euro country bonds
The European Central Bank spent €22bn last week buying up the bonds of Ireland, Spain, Italy and Portugal as panic struck the market over a eurozone debt crisis.
While the intervention had been anticipated, the euro jumped on news of the amount which brought the total to €96bn.
The ECB also said it intends to continue with the programme.
“The ECB intends to carry out another liquidity-absorbing operation next week," it said in a statement.
While the yield on Spanish and Italian 10-year bonds dropped form 6pc to 5pc as a result, this is also down to the fact that the latter does not issue such debt during the summer.
Analysts said while it looks like the bond purchases were a success, Italy will have to return to the open market later this month.