This is how the narrative is now being spun to prevent stress in the highly indebted eurozone. They don't mention that the ECB and its national member central banks have been buying up all the crap that nobody wants on their balance sheets since 2014.
How is it explained in the article? They can't be claiming anything but a junk bond type play, right? The numbers all over southern Europe are terrible.
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They pretend the free market is absorbing the new issued debt. To have some background: since 2015 the ECB was nearly the only buyer (via a deal with the commercial banks). Than there were ongoing media campaigns to push retail into the bond market via fonds. It's terrible
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Buying their own crap is one thing, but pushing citizens to also buy is beyond the pale.
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It's highly unethical. I remember the german finance minister (!) some months ago coming out again and again pushing the ''now it's time to buy our bonds'' narrative. I know him for over 25 years personally quite well and must say there is no understanding that this is an intervention with a conflict of interest.
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Its getting to a point where people are taught how to read only so they can control them
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Wasn't that always the goal of public education?
Once the tide turns, you might as well got with it.
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