At the same time, everyone acknowledges that the degree of stress and vulnerability in the euro area has totally changed. There are no signs of contagion.” But if it goes wrong and a Grexit does come about, wouldn’t the ECB incur huge losses? “The Eurosystem (the ECB and the national central banks, ed.) has lent a total of some € billion to Greek banks.
But the risk on just over € billion of that amount has been shifted to the Greek central bank. We jointly bear the risk on the rest of the amount. But bear in mind that collateral has been provided.