ECB President Draghi Goes Comical Ali

Mario Draghi, president of the European Central Bank, told a press conference following the meeting of the ECB Governing Council in Frankfurt this afternoon that “the euro is irreversible”. Asked by the media what he meant by that he exclaimed to much laughter “It stays, it stays, it stays. It’s pointless to bet against the euro, it’s pointless to go short on the euro.” From the beginning of the press conference to the end the € fell 200 pips against the $, so he was proved factually incorrect before he even finished speaking.

At the end of the press conference Spanish yields were back over 7%, capital flowed into German bunds as a safe haven, trading in Italian bank stocks was halted, the euro had pointedly rewarded those who were short and bet against it, costing the ECB a lot of credibility. Spain has now been told it will, like Greece, have to formally ask for a bailout on austere German terms. The can has been kicked down the road again, the end of the road however is in sight…




Tip offs: 0709 284 0531
team@Order-order.com

Quote of the Day

President Trump at the UN:

“The problem in Venezuela is not that socialism has been poorly implemented but that socialism has been faithfully implemented.”

Sponsors

Guidogram: Sign up

Subscribe to the most succinct 7 days a week daily email read by thousands of Westminster insiders.
Red Robbins: May’s Brexit Supremo is Soviet Sympathiser Red Robbins: May’s Brexit Supremo is Soviet Sympathiser
Owen Goes Full Brent Owen Goes Full Brent
What Caused Rachel Sylvester’s Volte Face? What Caused Rachel Sylvester’s Volte Face?
Labour Moderates Screwed Labour Moderates Screwed
WATCH Boris: “I’m Not Resigning” WATCH Boris: “I’m Not Resigning”
Corbynistas Seek Right to Suspend NEC Elections With “Venezuela Amendment” Corbynistas Seek Right to Suspend NEC Elections With “Venezuela Amendment”
Osborne Repents Osborne Repents
Meanwhile on Labour’s Facebook Forum Meanwhile on Labour’s Facebook Forum
Heywood Breaching Cabinet Manual by Bypassing Ministers Heywood Breaching Cabinet Manual by Bypassing Ministers
Green NGOs Spend Taxpayers Millions Lobbying Government Green NGOs Spend Taxpayers Millions Lobbying Government
May Talks Down CETA Plus Option May Talks Down CETA Plus Option
Momentum Chair: “I’d Rather Have Solidarity With North Korea Than USA” Momentum Chair: “I’d Rather Have Solidarity With North Korea Than USA”
DEx-ODUS Continues DEx-ODUS Continues
WATCH: Lol-Ney Simply the Best WATCH: Lol-Ney Simply the Best
WATCH: Boris Meets Trump WATCH: Boris Meets Trump
EU Berets at LibDem Conference EU Berets at LibDem Conference
Cabinet Brexit Split: Where They Stand Cabinet Brexit Split: Where They Stand
Gardiner: Watson Not Up To Explaining Single Market Late at Night Gardiner: Watson Not Up To Explaining Single Market Late at Night
Loser LibDems Losing the Plot Loser LibDems Losing the Plot
Heil Duncan! Hitler Tash on Alan Heil Duncan! Hitler Tash on Alan