DislikedHey guys,
"The ECB said yesterday it will reintroduce yearlong loans, giving banks access to unlimited cash through January 2013"
http://www.bloomberg.com/news/2011-1...t-default.html
Any idea of how they came up with this interpretation?Ignored
Basically the ECB is supplying cash loans to banks who need it while the EZ governments figure out how they are going to bail out the banks in case of a Greek or other sovereign default.
This buys the EZ governments time to figure it out, but it does nothing to solve the underlying debt crisis. Just a band-aid, and the wound will have to be treated again later after it has developed gangrene. .
Greece is just a warning shot. The next bullet will be aimed at the core.
Those who say it cannot be done should not interrupt those who are doing it