Welcome to the new version of European Tribune. It's just a new layout, so everything should work as before - please report bugs here.
Display:
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
[ Parent ]
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
[ Parent ]

Display:

Top Diaries

Brutish, Nasty, Prolonged

by john_evans - Aug 18
25 comments

Periphery, migration & decline

by Metatone - Aug 14
23 comments

1930s in social media

by DoDo - Aug 11
91 comments

It's "Whose Economy, Stupid?"

by Helen - Aug 3
26 comments

Occasional Series