A couple days ago, Spain floated an idea to deal with their bailout of Bankia, which would have represented a back-door way for the country to print money without having control of their own currency through a central bank. But the European Central Bank has apparently nixed the idea for now, leaving Spain to scramble for alternatives to keep it’s banking system afloat.
|By: David Dayen Wednesday May 30, 2012 7:05 am|
|By: David Dayen Thursday May 17, 2012 6:40 pm|
You can feel the heat being turned up on Europe. Greece is in the middle of what the Guardian has called a bank jog. In the 10 days since the elections which led to a political stalemate, a caretaker government, and new elections, Greek depositors have removed €3 billion from their banking system. It’s not like the banking system was super-secure before the May 6 elections, either.