Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
Isn't it all looking like a religious doctrine of transformation?

ECB bond purchases are morally transformed from evil to good, if cleansed by private sector involvement.

And so in this case, the extra layer of state claims is good, because it allows investors to recoup their losses from the Spanish government?

(Or as it is called elsewhere, collective punishment...)

by Metatone (metatone [a|t] gmail (dot) com) on Thu Mar 1st, 2012 at 09:57:42 AM EST
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