What's happening is that the Irish sovereign is being funded at 5.7 % when it should be funded at 0.0 %.

The fact that the ECB has finally woken up and started doing its job w.r.t. the private Irish banks (a decade late and a billion € short) does not excuse the fact that the ECB still isn't doing its job and printing money on demand for the Irish government.

- Jake

Friends come and go. Enemies accumulate.