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Greece: if austerity doesn't work... Try more austerity! | 287 comments (287 topical, 0 editorial, 0 hidden)
If the troubled bonds were marked to market, (none / 0)
then presumably that would eat up the €10B capital, and the ECB would already be insolvent, by its own lights...

It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II
by eurogreen on Thu Jun 16th, 2011 at 08:27:31 AM EST
[ Parent ]
Re: If the troubled bonds were marked to market, (none / 0)
But the ECB itself only has €13bn of sovereign bonds from the Securities Market Programme, right? The rest is in the National Central Banks' books.

So the ECB itself wouldn't realise a €50bn loss from a Greek default...

Economics is politics by other means

by Migeru (migeru at eurotrib dot com) on Thu Jun 16th, 2011 at 08:40:57 AM EST
[ Parent ]

Greece: if austerity doesn't work... Try more austerity! | 287 comments (287 topical, 0 editorial, 0 hidden)
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