independent

Friday 18 April 2014

Draghi gives Portugal little hope for ECB bond-buying

EUROPEAN Central Bank President Mario Draghi said on Thursday that the ECB rules governing bond-buying intervention were unchanged, all but directly leaving Portugal alone to resolve a crisis that has seen its bond yields rocket this week

"You know what the conditions are," Draghi told a new conference when asked whether Portugal might benefit from the programme, known as Outright Monetary Transactions (OMT).

OMT requires a country to seek outside help from the euro rescue fund and be issuing debt regularly on the bond market for the central bank to intervene and buy its bonds.

Portugal has been issuing Treasury bills but is not regularly issuing longer-dated bonds across the yield curve.

The bailed-out country's yields have been rising sharply following ministerial resignations that may force an election over continued budget austerity.

 

Reuters

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