Disliked+S&P downgraded 15 italian banksIgnored
The German Press Responds To Draghi: "Vengeance Will Be Bitter"
And, as expected, it's not happy. The punchline: The central bank is to become subordinate to finance ministers in crisis-stricken countries. In Draghi's homeland Italy, such a situation was the norm for decades -- and the result was chronic inflation. Now, he is accepting a repeat of history. On the short term, it will create relief in the debt crisis. On the long term, vengeance will be bitter." As a reminder from March: Mario Draghi Is Becoming Germany's Most Hated Man More from Spiegel: Germany has long been wary of ECB bond purchases and opposition has only grown since the Frankfurt-based central bank ... (full story)