OMTs have therefore had a self-fulfilling downward effect on yields, just as before, in absence of OMT, there was a self-fulfilling upward effect with a potentially catastrophic risk for the euro area. But this downward effect does not mean that spreads are forced to converge.
*  *  *  Distinguished resource persons and participants to this 9th Forum on Asian Insolvency Reform, special guests from the government and the private sectors, our co-organizers from the World Bank, the United Nations Commission on International Trade Law (UNCITRAL), and the International Association of Restructuring, Insolvency & Bankruptcy Professionals (INSOL) good morning and welcome to the Philippine International Convention Center.