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That's what I want to know.

Trichet could stop this nonsense in a heartbeat. He can set an arbitrary floor on the price of Greek bonds by buying them in the open market, at no cost since the ECB has the authority to create euros and since the size of the Greek GDP is just 3% of the Eurozone's, and without announcing that he's done it since open market operations are anonymous.

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma

by Migeru (migeru at eurotrib dot com) on Fri Feb 12th, 2010 at 04:16:03 AM EST
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