Raoul Ruparel of Open Europe told The Telegraph: "The activation of the so-called ELA looks to be the last stand for Greek banks and suggests they are running alarmingly short of quality collateral usually used to obtain funding."
He added: "This kicks off another huge round of nearly worthless assets being shifted from the books of private banks onto books backed by taxpayers. Combined with the purchases of Spanish and Italian bonds, the already questionable balance sheet of the euro system is looking increasingly risky.
Has any Keynesian heard of credit cards and how much trouble you can get in when you just barrow when you want something , and are there any nonkeynesian's ( socialist central planner types) that don't understand where this leads...
He added: "This kicks off another huge round of nearly worthless assets being shifted from the books of private banks onto books backed by taxpayers. Combined with the purchases of Spanish and Italian bonds, the already questionable balance sheet of the euro system is looking increasingly risky.
Has any Keynesian heard of credit cards and how much trouble you can get in when you just barrow when you want something , and are there any nonkeynesian's ( socialist central planner types) that don't understand where this leads...
No comments:
Post a Comment