“(…) since there was plenty of rumour on Tuesday that the European Central Bank (via the Bank of Italy) intervened to buy Italian bonds from a terrified secondary market, mind if we point something out in the interim? (…) This is too big for the ECB. Too big, too dangerous, too much like monetisation of debt — even by the Bank’s collapsing standards. Possible? Yes. Sustainable? Not at all (…) For all we know, the Bank moved into the Italian market as soon as the Spanish ten-year bond yield hit 6.3 per cent, or perhaps it was focused on preventing inversion in Italy’s yield curve. Indeed that curve was looking battered on Tuesday (…) Can’t beat markets into coming back, become the market. Case in point then (…) If the market really wants to fool itself that Italy would become a regular patient of the ECB, we’d really like to know how the Bank could possibly absorb those numbers. Even better, we’d love to enquire how it could sterilise them”, hoje, no Alphaville, em linha com o que aqui descrevi.