Don’t play Jean-Claude Trichet at poker. He has successfully called the bluff of that high-stakes gambler, Mr Market. After raising the prospect of a QE2-style effort to launch big unsterilised bond purchases, the European Central Bank president explicitly ruled out quantitative easing, and the market fell into line. After a wild week, Spain’s borrowing costs are slightly cheaper than when the week started. Portuguese two-year yields tightened by 78 basis points on Thursday alone. The euro is heading upwards once more.
千万别和让-克劳德•特里谢(Jean-Claude Trichet)玩扑克。他刚刚成功地让“市场先生”这位豪客摊了牌。在提高了市场对欧洲央行(ECB)出台二次定量宽松式的措施、大规模购买未冲销债券的预期后，这位欧央行行长又明确排除了定量宽松的可能性，于是市场缴械投降了。经历了疯狂的一周后，西班牙的借贷成本较周初略有下降。仅在周四一天，葡萄牙两年期债券收益率就收缩了78个基点。欧元汇率再次进入上行通道。
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