{"id":3354,"date":"2012-01-17T08:31:12","date_gmt":"2012-01-17T06:31:12","guid":{"rendered":"http:\/\/www.poleconomix.gr\/portal\/?p=3354"},"modified":"2012-01-17T08:32:33","modified_gmt":"2012-01-17T06:32:33","slug":"behind-the-ecb%e2%80%99s-wall-of-money","status":"publish","type":"post","link":"https:\/\/www.poleconomix.gr\/portal\/behind-the-ecb%e2%80%99s-wall-of-money\/","title":{"rendered":"Behind the ECB\u2019s Wall of Money"},"content":{"rendered":"<p><a href=\"http:\/\/www.project-syndicate.org\/contributor\/3902\" target=\"_blank\">Marzinott\u03bf, Benedicta<\/a>.<\/p>\n<p>Throughout the crisis period, the European Central Bank\u2019s behavior has been conditioned by the tension between what it can do and what it is allowed to do.<\/p>\n<p>The ECB is the only institution in the European Union that is able to provide unlimited funding to governments, but its governing statute prohibits government bailouts. Nonetheless, the ECB has provided large amounts of liquidity to the financial system, indirectly softening the pressure on government debt refinancing. For 18 months, it has been buying government bonds \u2013 worth more than \u20ac200 billion ($254 billion) \u2013 on secondary markets under its Securities Market Program. Moreover, it has provided loans to the banking sector, recently launching a three-year refinancing operation that generated demand from eurozone banks for \u20ac489 billion.<\/p>\n<p><strong>\u03a0\u03b7\u03b3\u03ae: <\/strong>Project Syndicate<\/p>\n<p><a href=\"http:\/\/www.project-syndicate.org\/commentary\/marzinotto3\/English\" target=\"_blank\">\u03c0\u03bb\u03ae\u03c1\u03b5\u03c2 \u03ba\u03b5\u03af\u03bc\u03b5\u03bd\u03bf<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Marzinott\u03bf, Benedicta. Throughout the crisis period, the European Central Bank\u2019s behavior has been conditioned by the tension between what it can do and what it is allowed to do. The ECB is the only institution in the European Union that is able to provide unlimited funding to governments, but its governing statute prohibits government bailouts. [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,37],"tags":[26,27],"class_list":["post-3354","post","type-post","status-publish","format-standard","hentry","category-18","category-37","tag-26","tag-27"],"_links":{"self":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts\/3354","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/comments?post=3354"}],"version-history":[{"count":2,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts\/3354\/revisions"}],"predecessor-version":[{"id":3356,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts\/3354\/revisions\/3356"}],"wp:attachment":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/media?parent=3354"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/categories?post=3354"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/tags?post=3354"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}