ECB SMP didn’t work, so now the ESM wants to try?

Eurozone crisis: Germany set to allow eurozone bailout fund to buy troubled countries’ debt — this story getting around. My thoughts: the ECB’s SMP program failed miserably and their purchases are now senior to the dismay to other bondholders so now Europe wants to do the same thing with the ESM? The ECB at least was a less political animal where the ESM would be full of it. Imagine everyday some politician from a specific country saying to the ESM, ‘buy my country’s bonds’ and another one from another nation saying ‘no, buy my country’s bonds.’ The shell game continues.


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