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Take 2010. Of the famous 30% deficit, 20% or so are guarantees etc. to the banks. But 10% is the ordinary deficit. And these "ordinary deficits" alone have caused a significant part of the debt.
The ECB should be printing money on demand to support that, not demanding that the member states fund their countercyclical policy in the money markets.
Friends come and go. Enemies accumulate.
1) I can call it odious that the ECB isn't buying those bonds at face value, and is forcing Ireland to jump through ridiculous hoops and fund in the private market.
2) Just because a third of the debt isn't odious doesn't mean the other two thirds also aren't odious.
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