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No, collateralised by "eligible collateral" by the ECB's own definition.

Keynesianism is intellectually hard, as evidenced by the inability of many trained economists to get it - Paul Krugman
by Migeru (migeru at eurotrib dot com) on Fri Feb 4th, 2011 at 04:11:45 PM EST
[ Parent ]
You see, the worthless assets have been packaged into NAMA and sold to the irish government.

The good assets, those that there are, are being repo'd at the ECB's discount window.

Keynesianism is intellectually hard, as evidenced by the inability of many trained economists to get it - Paul Krugman

by Migeru (migeru at eurotrib dot com) on Fri Feb 4th, 2011 at 05:02:58 PM EST
[ Parent ]

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