La Banca centrale europea domani, lunedì, darà il via al suo atteso programma di riacquisto di debiti, l’ultima arma contro l’erosione dei prezzi e la debolezza nell’Eurozona. Francoforte comincerà a rastrellare titoli ad un ritmo di 60 miliardi di euro al mese almeno fino alla fine di settembre 2016 per un totale di 1'140 miliardi. Una maxi iniezione di liquidità per rilanciare l’economia.
Il programma sarà attuato soprattutto tramite le banche centrali nazionali (Bundesbank, Banque de France e le altre) che effettueranno il 92% degli acquisti. Le loro sale mercati si stanno preparando a dare il via alla ricerca delle obbligazioni sovrane da comprare. La BCE non acquisterà direttamente dagli Stati, ma interverrà unicamente sul mercato secondario, tramite banche, fondi o assicurazioni che detengono quantitativi massicci di titoli di debito.
Resta da vedere se si troveranno i venditori poiché, soprattutto i titoli tedeschi, sono considerati preziosi beni rifugio (tanto che hanno un florido mercato malgrado gli interessi siano negativi).
Diem/ATS
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