Wednesday, May 12, 2010

What could possibly go wrong?

Cimpletely circumventing congress and providing funding to the ECB without collateral or a very iron-clad schedule of payments. I see the rational, what I find inexcusable is the process.

"U.S. Dollar-Euro Swap Agreement Dated as of May 10, 2010", Section 5 part (b):

"In the event the ECB does not pay the USD amount due under a swap transaction on the maturity date, the parties agree to roll over any shortfall into a new overnight swap transaction"

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