Lorenzo Bini Smaghi - Where the eurozone crisis may go from here

Lorenzo Bini Smaghi - Where the eurozone crisis may go from here
With its decision of September 6, the European Central Bank has taken a large part of the “convertibility risk” - that is, the risk of a break-up of the eurozone - off the table. Spreads have come down substantially, especially in Spain and Italy. Today’s decision by the German constitutional court to allow ratification of the bailout programmes should see those spreads come down further still. The question now is whether countries will decide to activate the ECB’s intervention.

http://link.ft.com/r/YIQXNN/U1FMMC/A7ZW81/YBY0K1/OFSW6D/82/h?a1=2012&a2=9&a3=12