FRANKFURT, Germany (AP) — The European Central Bank sharply cut back its purchases of government bonds to only euro635 million ($841 million) last week, underlining its determination to limit its support for indebted governments as they try to dig out of the eurozone debt crisis.
The amount of the purchases, published Monday, compares to euro3.66 billion ($4.9 billion) from the week before, and euro8.58 billion ($11.4 billion) the week before that (more...)
Theres no point even being sarcastic about this stuff anymore. Krugman puts it best when he sez
'What Anglo-Saxon economists need to understand is that the Germans and the ECB really, really don’t share our worldview; they really do believe that austerity is all you need. And all indications are that they will cling to that belief, even as the euro falls apart — an event they will insist was caused by the fecklessness of the debtors. Given a choice between saving Europe and remaining righteous, they’ll choose the latter"
I mean, cutting back? Really? At this juncture? With Europe, literally, teetering?