Europe is cheap. It's time to buy

Since the Olympics kicked off, markets have been on a bit of a tear. But it’s not because investors all loved Danny Boyle’s opening ceremony. It’s all down to a central banker, once again. You’ve heard of the ‘Greenspan put’ and the 'Bernanke put’: the way that markets can always rely on the US Federal Reserve chief to cut interest rates and prop up stocks. Now investors are betting on the ‘Draghi put’. Last Thursday, European Central Bank (ECB) chief Mario Draghi promised that he’d do “whatever it takes” to save the euro. This Thursday, he gets the chance to prove it, as the ECB governing council meets to discuss what to do. But can he live up to expectations? And what happens if he doesn’t?