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Meh. The worst month of the bank run was January. The ECB's bank supervisory arm should have demanded a recapitalization of the banks as early as February 4, when instead it shifted half of the liquidity provision (and any further liquidity) to ELA. If that was already called politicised mission creep at the time, imagine the politics of shutting down the banks with the Syriza government barely sworn in.

A society committed to the notion that government is always bad will have bad government. And it doesn't have to be that way. — Paul Krugman
by Migeru (migeru at eurotrib dot com) on Thu Jul 16th, 2015 at 09:43:21 AM EST
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