Passing The Buck: European Central Bank Wants to Unload PIIGS Bonds
“During the crisis, the European Central Bank began buying up bonds from debt-ridden countries like Greece. Now the bank wants to transfer responsibility for those securities to the EU’s euro rescue fund. Meanwhile, the parliamentary group of German Chancellor Angela Merkel’s conservatives have issued a resolution opposing such bond purchases.
At the peak of the debt crisis in Europe, the European Central Bank committed a break with tradition that many at the time considered to be a cardinal sin. The bank began buying up massive amounts of sovereign bonds from euro-zone countries that faced the risk of insolvency and which were having trouble selling their bonds on the public market.”
Via Black Listed News