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then presumably that would eat up the €10B capital, and the ECB would already be insolvent, by its own lights...

It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II
by eurogreen on Thu Jun 16th, 2011 at 08:27:31 AM EST
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But the ECB itself only has €13bn of sovereign bonds from the Securities Market Programme, right? The rest is in the National Central Banks' books.

So the ECB itself wouldn't realise a €50bn loss from a Greek default...

Economics is politics by other means

by Migeru (migeru at eurotrib dot com) on Thu Jun 16th, 2011 at 08:40:57 AM EST
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