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in a default scenario. If I have understood correctly, they are US banks, who must somehow trust implicitly that the ECB will not allow default. Or that the US government or Fed will not allow the ECB to allow default?

My head hurts.

It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II

by eurogreen on Thu Jun 16th, 2011 at 06:53:19 AM EST
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