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Today final hurdle for European Central Bank's controversial government bond buying got cleared by European court of justice.
According to the court's decision European Central Bank's (ECB) buying of government securities potentially in unlimited quantities stand legal and within its mandate.
- Today's decision stands very important on the eve of potential Greek exit. The decision clears hurdle not only for current Public Sector Purchase Program (PSPP) but clears hurdle for Outright Monetary Transaction (OMT), which was first introduced during 2012.
With legal hurdles cleared, there stands little on the way of ECB to activate OMT program if required.
- IF Greece choose the exit route and leave the Euro area, OMT is the toll which will be needed to contain the risk since the program involves full risk sharing and conditionality.
- A country can activate the OMT if required after accepting the conditionality.
Greece's move over the next week will decide, whether ECB will need to deploy the big gun (OMT) to prevent contagion.
