Reposted from Bruce Krasting’s blog with his permission.
Note: I’m experimenting with video. Bear with me.
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When the thinly capitalized ECB funds capital raising for banks by accepting trash collateral it exposes the sponsoring governments to tremendous losses. Incidentally Italy and Spain are 18.4% and 12.3% contributors to the ECB.
https://www.wallstreetexaminer.com/blogs/winter/?p=4389