Draghi to attend closed-door Spanish Parliament session
Mon 11 Feb 2013
LONDON (SHARECAST) - Spain's Congress of Deputies, the lower house of Parliament, will be holding an informative session with European Central Bank President Mario Draghi on Tuesday.
Draghi is expected to first hold a brief interview with House Speaker Jesus Posada and Bank of Spain Governor Luis Maria Linde at 13:45 in Madrid. The session will begin at 14:00 with speeches by spokespersons for the Parliament's political groups. It will be a closed-door session.
At 15:30, Posada and Draghi will give a press conference before Draghi goes on to meet with President Mariano Rajoy.
Several months ago, Draghi accepted an invitation by Spanish Parliament after he visited Germany's Bundestag. During last Thursday's ECB press conference, Draghi said he was coming to Spain 'to listen'. However, he will be expected to give details of the central bank's Outright Monetary Transaction (OMT) programme.
The OMT programme is aimed at helping Spain and Italy lower financing costs. Although the countries have not yet decided whether they will participate in the programme, the ECB's announcement of the plan created a turning point for the markets by sending yields lower for peripheral European debt.