That’s the bottom line. With sovereign bond auctions going well across the Eurozone, and European banks rocking and rolling, one man is the hero of the day. That would be ECB chief Mario Draghi, who replaced Jean-Claude Trichet late last year, and who is the author of the ECB’s generous liquidity operations that have allowed banks to fund themselves on the cheap, freeing up cash for the purchase of sovereign debt.

Mario Draghi

[credit provider=”AP”]

By the way, if you’re not caught up, then what you haven’t seen is charts like this one — the yield on the Spanish 2-year bond.


Or the French 10-year, also well off recent highs.


And beyond the sovereign-sphere, even stubborn measures of bankf unding stress are clearly coming down.

Here’s the famous TED Spread.


NOW READ: The Biggest Reason Everyone’s Still Underestimating The ECB >