“ A currency can only be stable if its future existence is not in doubt, ” said Jorg Asmussen , the powerful German member of the ECB’s executive board .
He signalled full backing for the bond rescue plan of ECB chief Mario Draghi, brushing aside warnings from the German Bundesbank that large-scale pruchases would amount to debt monetisation and a back-door fiscal rescue of insolvent states in breach of EU treaty law.
The Telegraph
I’m not sure that this will be ‘The’ crucial turning point in the debt crisis , but certainly will be one of the major factors in stabilizing the euro .
