A couple of weeks ago the European Central Bank (ECB) announced that it will be buying bonds of Spain and Italy in order to reduce their cost of borrowing. Markets took it as a sign the worst has passed. But the respite did not last. Greeks went on strike, there was violence in Spain over austerity measures and the Bank of Spain predicts difficult time ahead.
As I said at the beginning of the course, the sovereign debt crisis will not go away any time soon.
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