IOUs News
Fudge to the rescue
Euro zone banks are being rescued with IOUs rather than cash. First, Ireland’s banks got euro 31 billion in so-called promissory notes from their government in 2010. Now Greek lenders are to receive euro 18 billion in bonds from the European Financial Stability Facility, the zone’s bailout fund. Spain’s BFA/Bankia group could be saved by the same fudge: It may receive euro 19 billion
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