Price (credit spread) of the ECB "standing ready to do "whatever..."

M

Mathias

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As you probably know, the ECB governor Mario Draghi announced some time ago that the ECB stands ready to do "whatever it takes" to preserve the euro.

I was wondering how you would price this in terms of the credit spreads on fx CDS on Italy and Spain - what model/method would you use to attack this problem?
 
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