Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
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 Carrie (migeru at eurotrib dot com) on Thu Apr 15th, 2010 at 12:28:40 PM EST
[ Parent ]

Others have rated this comment as follows:


Occasional Series