Barry Eichengreen: French and German banks have been able to sell their holdings of Greek government bonds, largely to the ECB, which has acted as bond purchaser of last resort.
The ECB has also promised to support other countries’ bond markets in the event of a Greek accident. Hence Europe’s recovery is less at risk of being derailed by instability in Athens.
Fourth and finally, even dead cats bounce.
Full text
- Den stora risken var att Grekland skulle utlösa en kris i italienska, franska och tyska banker.
Nu finns i praktiken en EU-garanti för de utestående grekiska statsobligationerna.
Anders Borg, TT, SvD papper 22 februari 2012
Anders Borg om EMU
Greece
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