{"id":9634,"date":"2015-07-02T06:43:25","date_gmt":"2015-07-02T11:43:25","guid":{"rendered":"http:\/\/olduvai.ca\/?p=9634"},"modified":"2015-07-02T06:43:25","modified_gmt":"2015-07-02T11:43:25","slug":"goldman-conspiracy-theory-validated-as-ecb-expands-qe-program","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=9634","title":{"rendered":"Goldman &#8220;Conspiracy Theory&#8221; Validated As ECB Expands QE Program"},"content":{"rendered":"<h3 class=\"title\"><a href=\"http:\/\/www.zerohedge.com\/news\/2015-07-02\/goldman-conspiracy-theory-validated-ecb-expands-qe-program\" target=\"_blank\">Goldman &#8220;Conspiracy Theory&#8221; Validated As ECB Expands QE Program<\/a><\/h3>\n<p>The ECB has expanded the list of SSA securities eligible for purchase under PSPP. The updated list includes:<\/p>\n<ul>\n<li>Tyoettoemyysvakuutusrahasto<\/li>\n<li>OeBB-Infrastruktur<\/li>\n<li>Asfinag<\/li>\n<li>Infraestruturas de Portugal<\/li>\n<li>Entidade Nacional para o Mercado de Combustiveis<\/li>\n<li>Ferrovie dello Stato Italiane<\/li>\n<li>Terna Spa &#8211; Rete Elettrica Nazionale<\/li>\n<li>ENEL<\/li>\n<li>SNAM<\/li>\n<li>Administrador de Infraestructuras Ferroviarias \u2013 Alta<\/li>\n<li>Velocidad<\/li>\n<li>SNCF Reseau<\/li>\n<li>Caisse Nationale des Autoroutes<\/li>\n<li>\u00a0DARS<\/li>\n<\/ul>\n<p>Since the program\u2019s inception, we and others have said the central bank will\u00a0<a href=\"http:\/\/www.zerohedge.com\/news\/2015-03-31\/why-weeks-after-ecb-qe-started-many-are-already-calling-its-taper\">likely need<\/a>\u00a0to add more names to the list of QE-eligible SSA bonds or move into corporate credit in order to ensure that NCBs can meet their purchase targets under the capital key (especially in core markets where scarcity is a problem) and in order to allay concerns about liquidity in the secondary market for some core EGBs.<\/p>\n<p>That said, the decision to expand the list\u00a0<em>this week<\/em>\u00a0is obviously no coincidence and reflects the fact that the ECB is keen to ensure there are no lasting \u201cspillover\u201d effects from the meltdown in Greece on periphery yields which the central bank has worked so hard to keep unrealistically low.<\/p>\n<p>The move also, as RBS noted this morning, shows the ECB is \u201cready to intervene closer to the real economy.\u201d RBS also says the bank could move into IG corporate credit next, something\u00a0<a href=\"http:\/\/www.zerohedge.com\/news\/2015-04-16\/mario-draghi-collateral-scarcity-and-why-ecb-will-soon-buy-corporate-bonds\">we predicted<\/a>\u00a0months ago when we discussed the lower limit problem.<\/p>\n<p>So that\u2019s the surface-level analysis.<\/p>\n<p>Beyond that,\u00a0<strong>today\u2019s announcement by the ECB seems to prove what we said in \u201c<a href=\"http:\/\/www.zerohedge.com\/news\/2015-06-22\/goldmans-conspiracy-theory-stunner-greek-default-precisely-what-ecb-wants\">Goldman\u2019s Conspiracy Theory Stunner<\/a>&#8220;; namely that Mario Draghi wants to push Greece over the edge in order to give himself an excuse to expand QE.<\/strong>\u00a0Here&#8217;s how\u00a0<a href=\"http:\/\/www.zerohedge.com\/news\/2015-07-01\/goldman-ecb-will-have-go-big\">we explained<\/a>\u00a0the situation earlier this week:<\/p>\n<p>&nbsp;<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Goldman &#8220;Conspiracy Theory&#8221; Validated As ECB Expands QE Program The ECB has expanded the list of SSA securities eligible for purchase under PSPP. The updated list includes: Tyoettoemyysvakuutusrahasto OeBB-Infrastruktur Asfinag Infraestruturas de Portugal Entidade Nacional para o Mercado de Combustiveis Ferrovie dello Stato Italiane Terna Spa &#8211; Rete Elettrica Nazionale ENEL SNAM Administrador de Infraestructuras [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[1719,195,200,6912,6914,285,376,1167,6910,3926,6048,6913,661,662,6911,4318],"class_list":["post-9634","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bond","tag-debt","tag-default","tag-ecb-european-central-bank","tag-european-government-bonds","tag-eurozone","tag-goldman-sachs","tag-greece","tag-meltdown","tag-monetization","tag-none","tag-pspp","tag-qe","tag-quantitative-easing","tag-rbs","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9634","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9634"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9634\/revisions"}],"predecessor-version":[{"id":9635,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9634\/revisions\/9635"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9634"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9634"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9634"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}