A Crisis in Full Flight

For a while, it looked as if the ECB’s €1 trillion credit program to pump liquidity into Europe’s banking system had calmed global financial markets. But now, with interest rates on Spanish and Italian bonds rising again, it has become clear that the ECB's policy has merely made a bad problem worse.

MUNICH – For a while, it looked as if the European Central Bank’s €1 trillion credit program to pump liquidity into Europe’s banking system had calmed global financial markets. But now interest rates for Italian and Spanish government bonds are on the rise again, closing in on about 6%.

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