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<oembed><version>1.0</version><provider_name>naked capitalism</provider_name><provider_url>https://www.nakedcapitalism.com</provider_url><author_name>Matt Stoller</author_name><author_url>https://www.nakedcapitalism.com/author/matt-stoller</author_url><title>A breakthrough in Europe? | naked capitalism</title><type>rich</type><width>600</width><height>338</height><html>&lt;blockquote class="wp-embedded-content" data-secret="kOk1Nh0qop"&gt;&lt;a href="https://www.nakedcapitalism.com/2012/09/a-breakthrough-in-europe.html"&gt;A breakthrough in Europe?&lt;/a&gt;&lt;/blockquote&gt;&lt;iframe sandbox="allow-scripts" security="restricted" src="https://www.nakedcapitalism.com/2012/09/a-breakthrough-in-europe.html/embed#?secret=kOk1Nh0qop" width="600" height="338" title="&#x201C;A breakthrough in Europe?&#x201D; &#x2014; naked capitalism" data-secret="kOk1Nh0qop" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"&gt;&lt;/iframe&gt;&lt;script type="text/javascript"&gt;
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</html><description>By Delusional Economics, who is determined to cleanse the daily flow of vested interests propaganda to produce a balanced counterpoint. Cross posted from&#xA0;MacroBusiness.  If the&#xA0;comments&#xA0;from overly excited EU parliament members&#xA0;leaving a &#x201C;closed door&#x201D; meeting with Mario Draghi are correct then the ECB president is about to announce&#xA0;a plan to buy unlimited short-term sovereign debt up to 3 years on the proviso that &#xA0;national governments formally request assistance and are therefore bound to fiscal compliance via an MoU.  I am yet to hear any negative reaction for the plan from anyone of importance within the European elite &#xA0;and it is a fair assumption that the major players have been pre-informed of the basics of the proposal. The question is just how much has been shared and whether this is actually a &#x201C;plan&#x201D;, or simply a vague proposal for one.  I find it difficult to believe that the &#x201C;open ended&#x201D; nature of the plan is acceptable to the many Northern European governments and it is also difficult to see how this isn&#x2019;t direct funding of governments. We&#x2019;ve also already heard from the German Finance Minister, Wolfgang Schauble, warning people to&#xA0;lower their expectations.&#xA0;&#xA0;That said, if Mr Draghi has managed to negotiate the political minefield of Europe to allow for unlimited purchases of sovereign bonds then it is a huge break-through. I do, however, remain sceptical that this is the case given the proximity to the German constitution court decision and the multitude of times previously these sorts of rumours have been shot-down.</description></oembed>

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