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It also made their shares go up, and "tightening their CDS spreads" is a competitive advantage at a time when being able to borrow more cheaply (or at all) on the 3-month interbank market is a matter of life and death for banks.

It was worth €10bn when it was given and results in a reduction of the "cost of capital" which only adds to the €10bn, doesn't subtract from it.

A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith

by Migeru (migeru at eurotrib dot com) on Wed Oct 1st, 2008 at 06:59:43 AM EST
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