It's all a big game of elastic brinksmanship anyway: ECB can fill its holes by printing Euro but only if there is no alternative, Greece won't leave the Euro until there is no alternative, Europe won't subsidise Greece unless there's no alternative, and nobody wants the banking system to stop working.
Didn't know what LTRO stood for until I clicked through; I think my imagination's decision of Long Term Rip Off might be a better way of putting it ...
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It's all a big game of elastic brinksmanship anyway: ECB can fill its holes by printing Euro but only if there is no alternative, Greece won't leave the Euro until there is no alternative, Europe won't subsidise Greece unless there's no alternative, and nobody wants the banking system to stop working.
no subject