Breaking Down ‘The Biggest Global Bailout In History’
In an expected move that essentially mirrors the Fed's cushion for fallen angels in the US, the ECB said Wednesday it will change its collateral rules to mitigate the impact of downgrades.
The headline will invariably be "ECB accepts junk collateral", but that's completely devoid of nuance. All they're doing is grandfathering in assets which met eligibility requirements as of April 7. The statement specifically references COVID-19 as the proximate cause of the decision - you know, in case you m
Or you can listen to the sage Rick Santelli……