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What happens if the ECB does not take on the mantle of lender of last resort?

The never-ending euro zone crisis has been described as both tedious and terrifying. But it is worth looking at the end game, what will happen if it all goes wrong. Right now, we are waiting for the European Central Bank to step in and assume its lender of last resort responsibilities. That is to say, that it boldly enters the financial markets and buys enough Greek, Italian, Spanish, Portuguese, Irish bonds…

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