hat tip to Matt Franko at MNE
(Bloomberg) — As the European Central Bank’s bond-buying program gets under way, officials are still haggling over the details.
When policy makers resolved last week to start purchases of 60 billion euros ($65 billion) a month in sovereign debt and other assets, they failed to agree on how to share losses from buying bonds with negative yields, according to three euro-zone central bank officials. National central banks might try to avoid such securities for now, according to one of the people, who asked not to be identified because the talks are private……
….Draghi said on Thursday that the Governing Council endorsed the start of purchases as of March 9. Buying bonds at negative yield is permissible in principle, as long as they trade above the deposit rate, currently at minus 0.2 percent, according to implementation details on the ECB’s website….
🙂 🙂 🙂