"...They'd built a house of straw. The thundering machines sputtered and stopped. Their leaders talked and talked and talked. But nothing could stem the avalanche. Their world crumbled. The cities exploded. A whirlwind of looting, a firestorm of fear. Men began to feed on men..."
Mario Draghi, president of the European Central Bank, has promised that it will dowhatever is necessary to preserve the euro. This appears to be a not very veiled promise that the central bank will buy euro-zone sovereign debt.
After days of further market attacks on the single currency through selling of Spanish and Italian sovereign debt, Mr. Draghi has had enough.
The single currency is “irreversible”, he said, adding that the “euro zone has the power to defeat market speculation.”