2013-06-10zerohedge.com

``In other words, the ECB lied (just like everyone else seems to these days). And by the way Joerg, this is also known as crying wolf - soon the very same bond threat will reemerge, and this time nobody will believe you. Meaning that the ECB will have no choice but to do what it has threatened to do. The only problem is once the ECB does embark on open-ended unsterilized monetization, then the legal impossibilities of doing that in a fiscal disunion, where every nation has its own set of bankruptcy laws, without a common banking resolution law, and without joint Eurobonds, this is impossible. And the ECB knows it very well. This is doubly so now that the IMF's reputation has been thoroughly destroyed. How long until the markets questions the credibility of those two other Troika members: the European Commission (already a joke) and the ECB itself?''



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