The ECB appears to be reluctant to aid Portugal's transition to markets because of a flaw in the design of its monetary intervention programme, aimed, in part, to disguise the policymaking failures in Greece, reckons JPMorgan. The Outright Monetary Transactions (OMT) policy is "inconsistent" since it discriminates against current programme members without "full and open" market access.
Sid Verma,
November 06, 2012