Threat of chaos has receded, but risks remain

ECB intervention has reduced the risk of meltdown but we are still in an economic crisis in the eurozone, writes Megan Greene.

6th January, 2013
Mario Draghi, president, ECB: last year, his words of reassurance to investors saw markets rally. Photo: Bloomberg

January 2013 in the eurozone feels a lot like January 2012. Then, like now, clients dismissed concerns about the eurozone with a wave of the hand, in part because the ECB had supposedly removed all the tail risks in the region.

First it was the ECB's long-term refinancing operations (LTROs) that caused some analysts to declare the eurozone crisis over. Then last year it was the ECB's new bond-buying programme, Outright Monetary Transactions (OMT). History already shows...

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