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There is a fascinating article from Bronte Captial about the Euro Fix. The story so far, if you've forgotten: the ECB can't be a lender-of-last-resort to governments, because it isn't allowed to (from memory, the Krauts say No). But in a transparent fix, it is allowed to lend to banks, if those banks put up suitable collateral. And it has said, lo, government debt, that is good collateral. And so 500 bn has been loaned. Why, as a bank, would you want to buy shonky govt debt? Because dodgy Italian debt yields 6% or so at the moment, and lord knows what the Greek stuff provides. But the ECB…