Once Greece leaves the Euro the ECB is bust as it has €444 billion in exposure to the bailed out countries.
Uh huh. This is exactly what I’ve been saying since this crap began.
There is no solution, here or in Europe, until governments accept that you cannot spend more than you tax!
That’s the beginning and end of it, and that these nations have played the deficit spending game, and that we have done so, for more than a decade “in size” does not change the essential truth of this fact. All you do by continuing to play that game is to make the eventual damage that must be absorbed by the economy bigger!