The ECB denies that the UNWTO programme has limitations

FXstreet.com (Barcelona) - the European Central Bank has categorically denied reports of the weekend made by the German newspaper Frankfurter Allgemeine Sonntagszeitung, which cited internal sources of the central bank saying that the ECB had established a limit of €524 billion for any possible intervention of support to the countries of the EU needs, under the regime of the direct monetary transactions (UNWTO in its acronym in English) program.

According to Reuters, quoting a spokesman of the Bank, "there is a limit for the purchase of bonds by the European Central Bank (ECB) program," refusing to accept as true the information offered by the German newspaper. The same ECB spokesman said that the information is "incorrect". The news comes out ahead of a private court hearing brought by German citizens.

The amount which is rumored, of €524 billion, is far from any expectation imaginable, as points out Geoffrey Smith Agency Dow Jones, who said that the sum "is no more than the combined amount of debt issued by Spain, Italy, Ireland and Portugal with a remaining maturity of between 1 and 3 years, the segment of the bond market that the program would be managedIf ever be activated.

* FXstreet.es, news of currency *