REVEALED: Eurodebt now 80% of global total. But ECB official claims that central bank «is immune».

The Slog

French debt growth out of control: ‘no economic reason why the ECB could not operate with a hugely negative net worth’

So why is Greece on the rack?

Take a look at the ECB’s latest paper on Short Term European Paper (STEP) – bond debt to you and me.

In the one day from the 8th to the 9th of August, it grew three billion euros. In the day from 9th to the 10th of August, it grew four billion euros. The rate of acceleration is still growing. It is today nearly 480 billion euros…a YOY increase of 100 billion euros, aka 25%.

Now take a look at French private (but especially bank and government-related) borrowing in the STEP sector.

Whereas other borrowing across Europe still looks dodgy at two or three numerals of millions per programme, the French debt is more commonly at four to five numerals.

French social…

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