Thursday, September 22, 2011

Prof. Kerber lashes out at ECB and Trichet

Open Europe in its daily press update reports an attack by Professor Markus Kerber on the spendthrift activities of the ECB under the leadership of Jean-Claude Trichet:

Speaking at a New Direction Debate in Brussels, German Professor Markus Kerber, who challenged the eurozone bailouts at the German Constitutional Court said, "it is crystal clear that with his daily buying of government bonds, [ECB President] Jean-Claude Trichet is overstepping his powers,” adding, "the fact that the European Parliament has applauded Trichet shows that it is completely disoriented from its voters, who are weary of the ECB's actions."

Elsewhere in the same report comes the mind-blowing news that from next year banks will be able to unload yet more worthless assets on the already overburdened EU citizenry:

The ECB announced yesterday that it would be easing its collateral requirements by accepting assets, as collateral in exchange for loans, that are not listed on regulated public markets from the start of 2012. This could pave the way for banks to use billions in asset-backed-securities that were previously unsellable, according to CityAM.

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