As with most of the melodramatic noise which gurgles forth from Mario Drahgi these days, there is no specific rubric on implementation of his recently proposed scheme to resolve the Eurozone debt burdens. It is facile and about as clear as the water in a storm sewer system. Widely promulgated are pious vows to “do whatever it takes” and now his new “unlimited” secondary market bond buying program the dubious Outright Monetary Transactions or “OMT”. World stock markets, luxuriating in the enveloping warmth of more delusion, exploded to the upside. It’s as if equity markets are powered by hope and reality is shrouded in clouds. There are so many mountains between his words and the plan’s final prosecution.
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