Monday, May 17, 2010
What did you expect?
The Telegraph: Banks dump Greek debt on the ECB as eurozone flashes credit warnings
Foreign holders of Greek and Portuguese debt have seized on emergency intervention by the European Central Bank to exit their positions, leaving eurozone taxpayers exposed to the credit risk.
Posted by devo @ 09:43 PM (649 views) Add Comment
4 Comments
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1. drewster said...
We just keep passing the debt up. First it went from individuals to banks; then from banks to governments; then from governments to central banks. Where can it go next?
2. enuii said...
Answer - Pension funds who are obliged to carry a good chunk of the stuff!
3. uncle tom said...
This could go so very horribly wrong..
..if (when..) countries start leaving the eurozone, who picks up the tab for the liabilities incurred by the ECB?
I can see a situation arising whereby the ECB incurs massive liabilities that none of the eurozone members will honour - an EU default..
4. Crunchy said...
3. uncle tom
I have said 'DEFAULT' days ago. It's so damn obvious. GREECE? Give me a break, what economy?
It will be follow the leader.