The European Central Bank is the only euro-zone institution which can stop the debt crisis from spreading out it in Spain, Greece, Italy, Ireland and Portugal. And, for that reason, it is expected that in the Thursday’s ECB’s policy council meet, they would resume the purchase of euro-zone government bonds.

According to the information, it’s been four months that the ECB used its securities markets program for selected bond purchases to support weaker government bond markets, but considering the week condition of Italian and Spanish government bond prices, they might consider to step in again.

Though the ECB do not like to indirectly provide funding to governments by buying its bonds, in the case of big economies like Spain and Italy facing the fiscal meltdown threat, it has to go for that option.

RBS analysts said, "An ECB intervention might be forced later this year, but we do not see this happening anytime soon”.

Spain knows that the ECB is the only one which could save them, and for that, they have planned to auction up to 3.5 billion Euros of bonds.

Goldman Sachs economist Dirk Schumacher claimed, “It is difficult to pinpoint the threshold at which the ECB would revive its SMP program, but we are convinced that the ECB will ultimately prevent any systemic event related to Spain or Italy”.