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Updated 14:22 11/05/21

EUROZONE TURMOIL: Spain, Italy and Greece owe massive debt of €1 TRILLION to ECB

By Duncan Richardson, News Editor

22 Mar 2017

Following 18 months of money printing the European Central Bank (ECB) has over 1 trillion euros of government debt sitting on their balance sheet.

Despite pumping billions of euros into the economy, growth and inflation remain anemic and market conditions in the Eurozone are deteriorating fast. Even the ECB’s own data suggests that we are entering a period similar to that of 2008. Capital has started to flee Greece, Italy, Spain and Ireland to the relative safety of German government paper. The 10 year German bund is now trading with a negative yield, meaning investors who buy the debt today will receive less money back when the debt matures in 10 years’ time.

The ECB will meet on Thursday, and while Draghi is not expected to change the amount of monthly quantitative easing, analysts expect he may hint at extending the ECB’s money printing programme beyond March.

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