5/5/2010

Newspapers across Germany denounced the European Central Bank for relaxing its lending standards to help Greece. The ECB decided to accept Greek government debt as collateral for loans despite its junk rating. "The ECB and the central banks of European countries have fallen by the wayside," according to business daily Handelsblatt. "... Politicians have rolled right over them; and they are holding their tongues while bringing an unlimited amount of Greek junk bonds onto their books."

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