JANE BURGERMEISTER REPORT: ‘Greek banks offload bonds onto ECB, taxpayers on the hook’

Greek banks offload bonds onto ECB, taxpayers on the hook Jane Burgermeister | June 17, 2011 at 1:53 pm | Categories: Uncategorized | URL: http://wp.me/puNtl-1iq

The National Bank of Greece has offloaded 4.8 billion euros worth of Greek bonds since the end of March this year reports Der Spiegel – and it is the ECB which is taking them and against the rules.

Eurozone tax payers will have to pick up the tab for the 100s of billions of bad loans now on the ECB books.

Read more in German at: http://www.spiegel.de/wirtschaft/unternehmen/0,1518,768788,00.html