The European Central Bank will inevitably end up footing the bill if a eurozone sovereign defaults as it will be too politically damaging for member states to orchestrate a rescue, Willem Buiter, a former member of the Bank of England's Monetary Policy Committee and chief economist at Citigroup, has warned.
In a research note out Wednesday, Buiter said that the ECB's financial supervisory power meant it was a natural contender to bail out member states likely to default. Buiter flagged that the
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