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Deutschlandfunk - Germany | Sunday, June 28, 2015

ECB losing all credibility

By extending the emergency loans for Greece even though the Eurogroup's bailout programme expires on Tuesday, the ECB has said goodbye to its role as protector of monetary stability, the public broadcaster Deutschlandfunk writes: "It has shown what has become its true face: that of a political institution. ... After the euro finance ministers said no to the multi-billion euro bailout programme, these loans lack any legitimacy. Because a state bankruptcy and the collapse of the Greek banks must now be expected. In sweeping aside such reservations, the ECB not only risks complaints of unconstitutionality for overstepping its mandate, it also casts doubts on its own credibility. ... Ultimately the Greek government could see the ECB's open monetary floodgates as a good reason to go on gambling. In that case the ECB will have done a disservice both to any prospect of rescuing Greece and to the stabilisation of the euro system."

» To the complete press review of Monday, June 29, 2015

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