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Draghi unveils ECB bond-buying plan : Report

FRANKFURT (MarketWatch)
European Central Bank President Mario Draghi on Thursday said the central bank is prepared to buy government bonds in unlimited quantities in order to eliminate harmful distortions in financial markets fueled by fears of a euro breakup,but reiterated that participating countries must promise to abide by strict conditions
The new program, dubbed Outright Monetary Transactions, or OMTs, “will enable us to address severe distortions in government bond markets which originate from, in particular, unfounded fears on the part of investors of the reversibility of the euro,” Draghi told reporters at his monthly news conference in Frankfurt
The program will allow the central bank to buy government bonds with maturities of one to three years in unlimited quantities, though purchases will be “sterilized,” or offset by draining an equivalent amount of money from the financial system, in order to avoid a potential rise in the money supply
The ECB won’t have seniority over other bondholders when it comes to purchases under the OMT, Draghi said, in a bid to alleviate worries among private bondholders that they would have to bear a larger part of the burden in the event of a future restructuring
The ECB didn’t participate in an earlier restructuring of Greek government debt
By focusing on the short end of the market, the ECB action could lead to a sharp steepening of the yield curve in financially stressed euro-zone countries that could aggravate attempts to boost credit flow from the core of the region, said Ed Lalanne, senior strategist at Macro Risk Advisors in New York
Also, it remains unclear how the ECB can maintain “pari passu,” or an equal footing, with other euro-zone creditors, he said
If the ECB were to take losses on holdings of bonds purchased under the OMT, it would raise questions about whether the central bank was effectively financing government deficits — a practice prohibited by the ECB treaty
Azad Zangana, European economist at Schroders in London, said the ECB has pulled out a big gun, but that its insistence on sterilizing bond purchases robs it of ammunition                               
“The ECB’s insistence to sterilize the bond purchases means the ECB can only buy bonds as long as demand for euro T-bills remains,” Zangana said in emailed comments
That’s because the ECB absorbs the extra liquidity put into the financial system by its bond purchases by selling T-bills                               
“If demand dries up, as it did [under the ECB’s previous bond-buying program] at the start of the year, then the bond purchases would be halted,” Zangana said. “In that sense, Draghi may be overreaching when he said the ECB would ‘backstop’ the monetary union.”
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