Trichet speaks

ECB Pres Trichet is specifically saying that they did not discuss the outright purchases of European sovereign debt for today’s meeting but is also saying they won’t rule out discussing it in the future. The bailout for Greece has not even been signed yet and thus no one should have expected anything more affirmative from Trichet today. Also, anyone expecting something more from the ECB today doesn’t understand the history of German inflation and the Weimar Republic as I spoke about earlier. The futures sold off maybe in disappointment that they didn’t get more from Trichet but again, they shouldn’t have expected it today.

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