At last: the European Central Bank has learned from the US Federal Reserve and the Bank of England!
As I understand events of the last 48 hours, Euroland banks about to go bust have been allowed to borrow hundreds of billions from the European Central Bank at next-to-no interest. Of that, they'll use hundreds of millions for their top directors to buy mansions, ski lodges, private jets, champagne, hookers, etc. The rest they'll lend to Club Med governments, with no particular expectation of getting it back. The risk of non-repayment will be borne by the ECB (also known as: the German taxpayer).
Nice work if you can get it!
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