Unlike the former view that the character of Central Bank Bill is bond issued by Central Bank, this paper afresh explains its character from debt replacement instrument.
3
对于意大利或西班牙而言,从IMF借款和让欧洲中央银行购买他们的债券性质完全不一样。
For Italy or Spain, borrowing from the IMF is not the same as the ECB buying their bonds.