The effectiveness of ECB purchases of government bonds through its Securities Market Program has also been weakened, analysts say, by Greece's debt restructuring, where the ECB was treated better than private investors.

WSJ: Euro Zone Takes Stock of Crisis-Fighting Arsenal

Geithner says the scaled back program is the result of improvements in the securities market.

FORBES: PPIP Ready To Pop

Financial firms, especially those that have balance sheets larded with toxic assets, may get a boost tomorrow after a government official said late Wednesday that a Treasury program will add liquidity to the market for distressed securities.

FORBES: Magazine Article

The financial institutions with assets that they could not price can now maintain that the mere existence of the Troubled Assets Relief Program (TARP) means that there is a potential market for the securities that they could not sell previously.

FORBES: Briefing Book: A. Michael Lipper

The market is expecting the main focus to be on the design of the new program for buying the government securities in the peripheral countries, mainly Spain and Italy.

FORBES: Barclays Expects 25bp Rate Cut In Europe

There turn out to be at least six different facets to this approach: the establishment of an internal compliance program, bona fide market making, reasonably expected near-term demands of clients, registration under securities or commodities laws, revenue from fees and commission, etc.

FORBES: Volcker Rule Trumps Euro Euphoria For Financal Sector Outlook