Financial markets overview 30.07.2012

Depressive moods reigned on markets for the most part of the week. The situation began to improve on Thursday, 26 July, after a statement of Mario Draghi, President of the European Central Bank, made at a press conference for British investors, saying that the ECB was ready to do whatever it takes to preserve the euro. In his opinion, high yields of government bonds in a number of the euro area countries hamper normal functioning of markets. Then, there was the news that European leaders were discussing the possibility of measures to lower the costs of borrowing for Italy and Spain, in particular that the ECB should purchase bonds of these countries on the secondary market.

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