As one market commentator put it last week, the story of the eurozone crisis has been an “extended game of high-stakes poker”. And now the European Central Bank appears to be going all-in.
Last Thursday it slashed interest rates to near-zero and announced that it will buy assets on a large scale, and that is on top of the ultra-cheap liquidity it had already announced in June.
ECB president Mario Draghi also left...
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