Bundesbank declares 'war' on Mario Draghi bond bail-out at Germany's top court
Germany’s Bundesbank has issued a devastating attack on the bond rescue policies of the European Central Bank, rendering the eurozone’s key crisis measure almost unworkable.
The hardline central bank - known as the temple of monetary orthodoxy - told Germany’s top court that the ECB’s pledge to shore up Italian and Spanish debt entails huge risks and violates fundamental principles. “It is not the duty of the ECB to rescue states in crisis,” it wrote in a 29-page document leaked to Handelsblatt.
http://www.telegraph.co.uk/finance/financialcrisis/10021894/Bundesbank-declares-war-on-Mario-
The hardline central bank - known as the temple of monetary orthodoxy - told Germany’s top court that the ECB’s pledge to shore up Italian and Spanish debt entails huge risks and violates fundamental principles. “It is not the duty of the ECB to rescue states in crisis,” it wrote in a 29-page document leaked to Handelsblatt.
http://www.telegraph.co.uk/finance/financialcrisis/10021894/Bundesbank-declares-war-on-Mario-
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