Well Banks Are Bad, Aren’t They?

So what’s the big deal? Now all of ze Europe officially has a bad bank, too.

It’s called the ECB and is the “bad bank for all the junk debt of Europe.”

“Blank cheque for the indebted states,” was the headline of the top-selling Bild newspaper, a harsh, populist critic of the bailouts for Greece and other struggling euro zone nations, adding that the ECB move could render the euro “kaput”.

“Financial markets cheer the death of the Bundesbank.”

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