ECB’s bond buying buys time for Spain after election

The sound of bickering among Spanish politicians is being drowned out by Mario Draghi, at least when it comes to the bond market.

Spain’s election on December 20 ended a four-year majority for Prime Minister Mariano Rajoy and left a deadlock over who will form the next government as parliament reconvenes this week.

The ECB’s bond purchase programme or quantitative easing is buying politicians time as they argue over who should run the euro region’s fourth-biggest economy.