Reuters: "Mr. Draghi, the markets do not seem to be very impressed."

(confusion ensues)

Reuters: "...so could you explain what else was discussed."

"Even if we were ready to act now" we couldn't because no country has gone to the ESM yet.

Q from Italy: "Taxpayers don't want to pay any cent more to bail out banks" because of Lie-bor. "Since you are personally associated with legislation in Italy with ending the separation of the banking regime... do you support the return of Glass-Stegall?

Draghi: The issue was not commercial vs. investment banking in the early 90s, the issue was short-term vs. long-term banking, and we told banks that they could do both, so these issues do not relate to each other.

"Let me tell you that our greatest concern is with financial market fragmentation rather than calculating an exact figure."

?????????????????????

this bitch is going doooooowwwwnnnnnn..........

"The known interbank deposits for some countries are the lowest since 2008."

Suppose he has an earpiece giving him market quotes as he talk??? LOL

"There has not been one word of these remarks that has not been discussed in previous government councils, so none of this will surprise my colleagues."

Q: A month ago, you said that nonstandard measures were not even considered, and now you are announcing this...

He doesn't. He was surprised when Reuters told him Mr. Market no likey.

"It was not a decision. It was a design for the relevant committees to come up with relevant policy measures. It says 'may undertake outright market operations.' May undertake. It's very important to read these words carefully." Endorsed by all governing council members with one exception. (He said it was unanimous earlier.)

Why would the markets like him essentially saying; "We're going to keep on going with what hasn't worked."?

"Not just me but the whole governing council should do the right thing. Whether this inspires hopes or fears is not economics but more psychoanalysis." Cold economic calculation should be the decision-making modaltiy.

euro broke 1.22 and closing in on key support.

ECB VP Vítor Constâncio is asked about a report that he has doubts about bond buying. He says he's not sure what the source of that could be, that he hasn't talked about his views on bond-buying outside closed-door meetings, and he's not going to comment about it now.

(So I guess that's a yes.)

"The speech in London said nothing about bond buying or timing." It strongly communicated a philosophy that "EUROPE IS A STRONG PLACE IN THE WORLD..."

Quote:

The snag is that Spain would first have to sign a memorandum ceding fiscal sovereignty.

This does not end well for Dragi on the market, out before Q4, never had mandate, behing the scenes Germans turning him into wienerschnitzel.

"We want to repair monetary policy transmission channels."

"Conditionality is essential, but the counterparty for this conditionality is going to be the EFSF."

"Irreversibility means you don't go back to the lira or the drachma or whatever, that's what irreversibility means. It is pointless to bet against the euro. It is pointless to short the euro, because the euro is irreversible."

THE FTSEMIB IS NOW OFF OVER 1000 POINTS !!!!!!!!!!!!!!!

Record lows again being breached by the Euro against the AUD, NZD, and SEK...
AUDUSD off a whole cent.

But that move in the EURUSD is pretty impressive.

Q from Germany: "I'm surprised that you say your remarks in London have been misinterpreted."

Draghi: "I like these remarks very much. They were not misinterpreted. Markets reacted based on their expectations following these remarks. I am actually quite happy about these remarks."

(And that's it. Show's over.)

ECB'S DRAGHI: Euro is strong currency and irreversible.

Strong?!??! Bahahahah.

Is the elephant in the room finally being recognized?

So if the euro disintegrates, does Simon Hobbs get fired? Is that in his contract?

Watch out below when Germany/Bundesbank goes on record as no bond buying or Spain declares won't seek bailout that includes ceding fiscal sovereignty.