The ECB and OMT: OTT, OMG or WTF?

THE markets reacted with euphoria to the European Central Bank's new outright monetary transactions programme or OMT, the latest acronym to mark this crisis (remember all was supposed to be solved by the SMP, EFSF and ESM programmes?)…But we have seen in the past that the market reaction can quickly reverse. And the programme raises a number of questions.