May 22, 2012 at 09:04 AM EDT
Secret Greek Fund Revealed
Except it’s just about an ‘allowable entry’, not a ‘fund’. The BOG, functionally a ‘branch’ of the ECB, just ‘accounts for’ negative member bank balances as loans. Presumably on a ‘legally’ collateralized basis. That’s what CB’s do in the normal course of business. CB’s don’t ‘have funds’ in their currency of issue any more than [...]

Except it’s just about an ‘allowable entry’, not a ‘fund’.

The BOG, functionally a ‘branch’ of the ECB, just ‘accounts for’ negative member bank balances as loans.

Presumably on a ‘legally’ collateralized basis.

That’s what CB’s do in the normal course of business.

CB’s don’t ‘have funds’ in their currency of issue any more than the scorekeeper in a card game has any points.

Europe Shares Seen Higher; Secret Greek Fund Revealed

By Matthew West

May 22 (CNBC) — European shares were set to open higher on Tuesday as investors came to the conclusion that the markets were most likely over-sold and news emerged overnight of around 100 billion euros ($127 billion) of liquidity provided by the European Central Bank to the Greek central bank to prop up Greece’s financial system.

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