Yiagos Alexopoulos, analist bij Credit Suisse, ziet geen andere oplossingen meer voor het escalerende schuldenprobleem in Europa. De ECB moet nu ingrijpen of het is ‘einde oefening’ voor de eurozone! Via CNBC:
“The deterioration in liquidity and pricing in euro area government bond markets means an aggressive policy response is urgently needed,” Alexopoulos wrote in a research note. Liquidity needs to be in place by the time major euro zone governments begin heavy issuance in early 2012 according to Alexopoulos, who believes only the ECB can achieve this outcome via “a large-scale asset purchase program of quantitative easing.” This would mean the ECB buying up huge amounts of euro zone debt in the secondary market, something Alexopoulos thinks would be justifiable under the current “Treaty if it was undertaken for monetary policy purposes.” 1 trillion euros ($1.33 trillion) would be needed for the program to achieve the required results according to Alexopoulos who believes those with lower debt to gross domestic product ratios would be the biggest winners. “An ECB QE program would reduce the safe haven premium in bunds. Thus, we expect a bold move from the ECB to result in higher German yields and core curve steepening,” he wrote.