ECB paralysis rattles markets as debt costs hit new highs
"Governor Trichet came very close to saying that the current mess is not the ECB's problem," said Lars Rasmussen from Danske Banke.
.."It is no coincidence that the Greek crisis really took off when the ECB announced the end of its emergency liquidity measures in early December. Failure to tackle the crisis early and decisively has brought to the fore the risk of a sovereign default and the risk that one or more countries will leave the euro area. This is a lesson markets will not forget," he said.