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Intra-eurosystem debts

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  • Whittaker, John

Abstract

Germany is a reluctant supporter of the EU funds which are being used in the ‘bailout’ of Ireland, and it insists on strict ‘austerity’ conditions, concerned about risk and moral hazard. However, through its central bank, Germany is lending €325bn (December 2010) to other central banks in the eurosystem. The Central Bank of Ireland (CBI) has borrowed €146bn from the eurosystem in order to support its banks. This ‘bailout’ of Ireland via the eurosystem is larger than its official EU ‘bailout’ (€146bn as against €67bn) and much cheaper (1% interest as against 5.8%), but it exposes Germany to similar risks.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 38368.

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Date of creation: 30 Mar 2011
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Handle: RePEc:pra:mprapa:38368

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Keywords: eurozone operations; TARGET2;

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Cited by:
  1. Hans-Werner Sinn & Timo Wollmershaeuser, 2011. "Target Loans, Current Account Balances and Capital Flows: The ECB’s Rescue Facility," NBER Working Papers 17626, National Bureau of Economic Research, Inc.
  2. Silvia Merler & Jean Pisani-Ferry, 2012. "Sudden stops in the euro area," Policy Contributions, Bruegel 718, Bruegel.
  3. Whittaker, John, 2011. "Eurosystem debts, Greece, and the role of banknotes," MPRA Paper 38406, University Library of Munich, Germany.

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