But in the case of Greece, in particular, and bombed out economies in general, the effect of QE is to minimise the complete freefall of asset prices which could facilitate the takeover of assets by external vulture funds etc. -  not that that hasn't been happening to some degree in any case. The ECB can thus play some beneficial role in helping an economy like Greece whilst similtaneously pissing off net creditor countries like Germany - "the ECB is playing around with OUR savers' money..."

Index of Frank's Diaries