The ECB's Outright Monetary Transactions program is yet to be used since Mario Draghi announced it in September.
In its place comes another catchily named programme: Outright Monetary Transactions (OMT).
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On September 6, the ECB outlined its new bond-purchase plan the Outright Monetary Transactions (OMT), that was discussed in Rate Cut Resistant.
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It was "ready to act" with the Outright Monetary Transactions for the crisis economies last summer - with miraculous consequences for European financial markets.
Portugal could qualify for the ECB's big but as yet unused bazooka: the Outright Monetary Transactions program presented last September by ECB President Mario Draghi.
They think the success of the ECB's promise of "Outright Monetary Transactions" (or OMT) will be well demonstrated by it never having to be used.
It also limited the fallout to other countries with its previous promise of the Outright Monetary Transactions program, which could underwrite shaky government bond markets.
The verbal intervention, coupled with the unveiling of an open-ended sovereign bond-buying program (Outright Monetary Transactions, or OMT) pushed skyrocketing yields across the PIIGS down dramatically.
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But predictions for when the country would turn to the eurozone's rescue fund -- triggering the ECB's Outright Monetary Transactions (OMT) bond-buying programme -- have repeatedly proved wrong.
The bond purchases, described as "outright monetary transactions, " would be available to countries that seek outside help and that agree to meet a number of budgetary conditions before approval.
So today there exists a roadmap towards much more aggressive support by the European Central Bank for governments like Spain struggling to borrow through its planned Outright Monetary Transactions (OMT).
And the bond purchases he reluctantly sanctioned in 2010 and 2011 were a lot more half-hearted than the programme of "outright monetary transactions" described, at some length, by Mr Draghi, today.
The new confidence around the euro stems largely from the ECB's commitment to Outright Monetary Transactions (OMT) - to acting as a backstop for countries in the markets by buying their government debt.
He then announced a bond-buying plan (Outright Monetary Transactions, or OMT) that, coupled with strong hints by Fed Chairman Ben Bernanke had his finger on the QE-trigger, sparked an impressive risk rally.
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That makes it sound like the Outright Monetary Transactions, or OMT - one twitter wag suggested it should stand for "On My Tab"- will be hard for countries to get, and easy to lose.
Operations including its Outright Monetary Transactions (OMTs) and the Long-Term Refinancing Operations (LTROs) helped bring down yields on eurozone sovereign bonds, making it less expensive for governments to borrow on international markets and pay off their interest payments to creditors.
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