The Governing Council of the European Central Bank (ECB) appointed the members of the T2S Board, the new management body for the TARGET2-Securities (T2S) Programme.
Will this new board resolve the alchemical issue of how Greek government bonds (other other GIPSI sovereigns) are still valued at par for TARGET2 purposes and in other Eurosystem operations when you can pick them up for 20-70% of face value from any bond
Job done - FT Headline just now "The euro falls to its lowest against the dollar since June 2010 after the ECB said it will stop accepting Greek sovereign bonds and other assets backed by the country’s government as collateral". That is alchemy in reverse
~ pure gold (central bank money) is revealed as base metal.
© Finextra Research 2015