Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
I wouldn't call a debt agency a special purpose vehicle. The use of a agency to handle the debt is quite common. And the treaty is quite clear that subordinated agencies of a state can't get credeit from the ECB either.

I think the Budnesbank is here just acting as a broker on the secondary markets.

by IM on Wed Nov 23rd, 2011 at 09:31:49 AM EST
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