The reaction from Germany was one of outrage.

At the press conference, Draghi said that one member vote No - no prizes for guessing who. Draghi said different central banks expressed different views, but all converged to this policy. As reported by Frankfurter Allgemeine and others, a Bundesbank spokesman quoted him as saying that he rejected the OMT on the grounds that it was too close to monetary financing, and that they would risks for taxpayers.

The FT's editorial headline says: Mr Draghi's audacious gamble. The comment said that the SMP fell short for technical reasons, which the OMT has fixed. But it warned that the heavy lifting has yet to be done. Italy and Spain still have to apply for a programme. And the process of closer integration remains subject to political risks.

While the non-German press seemed mostly impressed, the Germans went on a verbal rampage.

Holger Stelzner writes in Frankfurter Allgemeine that the decision means a formal end of the separation between monetary and fiscal policy in Europe. The southern countries can now continue to amass at low interest rate, without having to worry about financial markets. The northern countries are also happy, not having to keep asking their parliaments for more money. He says the conditionality can never be applied in practice. Will the ECB stop buying bonds because Italy refuses to reforms its dismissal laws? He concludes with a reference to the German constitutional court, and wonders what the courts view on this policy will be?

Marc Beise, writing in Suddeutsche Zeitung, defends the Bundesbank. He said the truly bad aspects of Draghi's decision was that the ECB left no doubt that it wants the euro to survive (Yes, we, too, had to read that sentence twice.) He writes this is not a statement a central banker should make. This is for politicians. He says the ECB has crossed an important line with its decision, but it is not irreversible. They will not be able to save the euro against Germany.

Note that these are Germany's two most important newspapers, straddling a wide ranging of public opinion from the right (FAZ) to the centre-left (SZ).

Interestingly, Bild Zeitung was relatively more moderate than the "serious" newspapers. Nicolas Blome dressed up his commentary in a pseudo-factual Q&A, in which he says that inflation will come, of course, but not immediately.

Fascist Golden Dawn comes  third in the polls

Greece's ultra-nationalist Golden Dawn party has increased its support among austerity-hit Greeks since entering parliament this year, and would emerge as the third largest party (10.5%) if elections were held now, a new poll showed on Thursday, Reuters reports. The poll showed support for the conservative New Democracy, which heads the country's pro-bailout coalition, had dipped to 25%  from 29.7%  in June, while backing for the radical leftist Syriza party also fell, by nearly 3 percentage points, to 24 %. The PASOK Socialists, junior partner in the ruling coalition, dropped to fourth place with 8% of the vote, while the other government ally, Democratic Left, saw support shrink nearly 2 percentage points to 4.5 %.

According to a survey by VPRC poll for the Ellada Avrio newspaper, SYRIZA is leading the polls with 30%, compared with 28% for the governing conservative New Democracy, while fascist Golden Dawn is polling at 12%.

The jobless rate, meanwhile, rose by a full percentage point to 24.4%  from 23.5% in the previous month, statistics service ELSTAT said on Thursday.