Monday, August 8, 2011

European Central Bank Said to Be Buying Italian, Spanish Government Bonds

The European Central Bank bought Italian and Spanish government bonds amid concern their rising bond yields may force the two countries to seek bailouts, according to five people with knowledge of the transactions.

The ECB isn't buying Irish or Portuguese bonds, said one of the people, who asked not to be identified because the deals are confidential. The ECB said last night it will "actively implement" its bond-purchase program, signaling it is ready to start buying Italian and Spanish securities to counter the sovereign-debt crisis. A spokesman for the central bank declined to comment today.

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