That makes it sound like the Outright Monetary Transactions, or OMT - one twitter wag suggested it should stand for "On My Tab"- will be hard for countries to get, and easy to lose.
But predictions for when the country would turn to the eurozone's rescue fund -- triggering the ECB's Outright Monetary Transactions (OMT) bond-buying programme -- have repeatedly proved wrong.
The new confidence around the euro stems largely from the ECB's commitment to Outright Monetary Transactions (OMT) - to acting as a backstop for countries in the markets by buying their government debt.
The election result has also increased the likelihood that the ECB will be called on to activate its as-yet-untested OMT program to help Spain, Italy or both.
He then announced a bond-buying plan (Outright Monetary Transactions, or OMT) that, coupled with strong hints by Fed Chairman Ben Bernanke had his finger on the QE-trigger, sparked an impressive risk rally.
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On September 6, the ECB outlined its new bond-purchase plan the Outright Monetary Transactions (OMT), that was discussed in Rate Cut Resistant.
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According to the rules any country, including Spain and Italy, that appeals for the OMT program must first request a bailout from the euro-area's rescue fund -- the European Stability Mechanism.
The verbal intervention, coupled with the unveiling of an open-ended sovereign bond-buying program (Outright Monetary Transactions, or OMT) pushed skyrocketing yields across the PIIGS down dramatically.
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To demand pre-knowledge what conditions would be imposed is outrageous and the by allowing OMT to be an open ended, timeless proposition has allowed Eurozone beggars to be choosers.
That is what Mr Draghi meant when he talked of the OMT programme as backstop against the "tail risks" hanging over the euro system - the extreme scenarios, like the whole thing blowing apart.
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