tag:blogger.com,1999:blog-36227136.post6329172308073244005..comments2024-01-16T08:40:53.682+00:00Comments on <a href="http://www.openeurope.org.uk">Open Europe</a>: ECB publishes details of SMP purchasesOEhttp://www.blogger.com/profile/00556463374230498875noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-36227136.post-70256356093856557522013-02-22T14:32:55.842+00:002013-02-22T14:32:55.842+00:00ECB support of the Greeks is greater than this. T...ECB support of the Greeks is greater than this. The ECB has granted 100 billion euros in TARGET2 credits to the National Bank of Greece. This dwarfs its outright purchase of Greek bonds. It is the dirty little secret of how the ECB thwarts the will of the people of the EU. It is an open-ended line of credit that has grown every year since the inception of the EMU.Patrick Barronnoreply@blogger.comtag:blogger.com,1999:blog-36227136.post-34814240789411453912013-02-21T16:43:36.739+00:002013-02-21T16:43:36.739+00:00Looking at the amounts it seems to be near certain...Looking at the amounts it seems to be near certain that the ECB already has taken some profits on these acquisitions. Which is simply a complete joke and the ultimate dodgy bookkeeping.<br /><br />Bookvalue compared to nominal is simply way too high. Greece apparently was bought for average 70%. This is (slightly) over 90%.<br /><br />In this respect. The Dutch government last week while doing their course dodgy bookkeeping also did something similar. Guaranteed stuff for its CB (and offBS transaction of course, but nevertheless something like 6 Bn). As a consequence the CB made a something like an 800 Mn (book-) profit. Which could be distributed to the state and is considered revenue. Which makes it easier to keep close to the 3%. When the North begins you better look for your helmet.<br />Riknoreply@blogger.com