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December 22, 2011

Eurozone banks rush to take three-year ECB loans

Posted at 07:54 AM |

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Alistair Thomas

The ECB apparently is not allowed to lend to member states. There is a rumour that the ECB is just using the banks as an intermediary to lend to indebted countries. They get the money at 1% interest and lend it to the likes of Italy at 6%, why wouldn't they. We'd be better off the the ECB made the loans direct at 1% rather than EU contributors having to fund the profits (and bonuses) of EU banks.

This seems like a very serious story. Why do we only have the BBC's hopelessly biased and sanitised version of this?

Posted by: Alistair Thomas | December 22, 2011 at 10:30 AM

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