US Taxpayers reprieve the Euro

The nationalisation of the giant AIG group for $85 billion last evening must surely have come as a huge relief to the European Central Bank. I wonder how long before the insurance costs of covering the worthless liabilities the ECB has accepted over recent months finally come home to roost? One must wonder too how the billions now being poured into the capital markets by the ECB are being allocated amongst the national central banks. At least with the pound sterling we know by whom the billions being lost must eventually be repaid, just as we know where the main blame lies - with Tony Blair and Gordon Brown! Small comfort indeed!