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It seems highly likely that there is some artifice by which the functional equivalent of an overdraft facility can be provided

The Government gets an overdraft facility from a politically connected major private bank, and the private bank uses ECB repos to fund that facility.

The brainless should not be in banking -- Willem Buiter

by Migeru (migeru at eurotrib dot com) on Thu Apr 15th, 2010 at 12:28:40 PM EST
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