look at this
if the ecb in essence insures the holders of these sovereign bondages against default
the rates on em will crash and prices soar ...
what a show that will be
these are risk premia here not inflation compensation...right ???
so think hard about the impact on markets of a ecb back stop move
once believed
boink
for the ecb no euro based debt is to big to swallow ...whole if necessary
and surely that isn't in an of the cards
