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Regarding the ECB, what is your thinking about that €50 billion exposure? Could a default on that mean, as argued, an actual (or at least perceived) risk to the ECB itself? (Where I am not even sure whether that is supposed to be a liquidity, solvency, credibility, or some other crisis.)
See Can Central Banks Go Broke? (CEPR Policy Insight No. 24)
In CEPR Policy Insight No.24, Willem Buiter asks: Does it matter if a central bank suffers a large capital loss? Can the central bank become insolvent? How and by whom should the central bank be recapitalised, should its capital be deemed insufficient?
I quoted some bits about the ECB and Eurosystem in this diary.

Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Thu Jun 16th, 2011 at 05:23:47 AM EST
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