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2012-09-09 — brucekrasting.com
When Draghi said unlimited he bought the EU some time, but he made an all in bet. The consequences of an EU member leaving has now been raised dramatically. Mario has created an "all or nothing" scenario for the EU. When a member leaves, it will crash the entire system. Systemic risk in Europe has increased as a result of Marios' efforts. I don't think the markets (or the politicians) realize how high the stakes have become.
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What Draghi did is buy some time. The only question is, "How much time?" My guess is that it will take three months before we are back in crisis mode.
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