Euro Zone Debt: What's Behind Spanish, Italian Bond Auctions' Success? - Business News - CNBC: "“It’s a giant loop…The ECB — who is not allowed to do QE — is giving the banks cheap money. They are going to the sovereigns and doing that job for them and then depositing that money as collateral back to borrow more money,” Maurice Pomery, managing director at Strategic Alpha said.
“It’s doing the trick to start with, but I think the game might be seen for exactly what it is,” he said. “This is de facto QE or money printing in a different way.“"
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