Loosening Italy's debt bonds

Wednesday night's Italian six-month bond issue offers glimmers of hope for the ECB's lending strategy, but it's Thursday's auction that will set a critical tone for the eurozone's prospects.

* This piece was written prior to Italy's auction of 10-year bonds.

There were small but as-yet inconclusive signs last night that the European Central Bank’s backdoor attempt to do what its mandate prevents it from doing directly might be working. More substantial evidence will be available tonight.

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