EURO GOVT-Bunds fall before key ECB meeting

LONDON, Sept 6 (Reuters) - German government bonds opened lower on Thursday with investors poised for a successful Spanish debt auction and a European Central Bank policy meeting which is likely to set the near-term tone for financial markets.

Bunds fell on Wednesday after a media report said the ECB planned to buy unlimited amounts of short-term debt to ease the region's financial crisis. Bank President Mario Draghi is expected to flesh out details of the plan at a press conference at 1230 GMT following a policy meeting.

But with expectations for the meeting so high there is room for disappointment if Draghi does not come up with specifics.

"The leaks mean it could be an anti-climax, the shock and awe has gone but there is a risk he may may not be detailed enough," a trader said.

"Spain and Italy still have to ask for help so I'm not convinced we're out of the woods yet. The periphery can continue to rally but the ECB's growth forecasts are likely to paint a pretty grim picture so Bunds are probably not going to fall too far."

December Bund futures were 52 ticks lower at 140.88.

A further rally in Spanish bonds as details of the plan were leaked will support an auction of up to 3.5 billion euros of shorter-dated bonds this morning.

"Fully covered auctions at the top end of the target range should spur hopes in the morning that the ECB can kick-start demand," Commerzbank strategists said in a note.

France will also return to the market with the sale of up to 8 billion euros of debt, inclunding a new 15-year bond .