How the ECB can dissolve the Greek debt while keeping the full amount on its balance

European Central Bankers should look at their counterpart at the other side of the Atlantic to learn how you can cook the books and solve the problems.
The European Sovereign debt crisis could be solved in the same manner as the US’ Mortgage Crisis.

The ECB is not able to apply a haircut to the Greek Debt because this would erase a part of its balance sheet. The European Central Bank has to dissolve the Greek debt obligation, while at the same time keeping them on their balance sheet.
The FED was confronted with a comparable problem, it started to buy 40 billion dollar Mortgage-backed Securities per month in 2012, while it had already accumulated 834 billion dollar Mortgage-backed Securities. One can wonder if the collateral, the underlying houses of these securities still exists and how bad the cash stream of these securities are.
But given the structure of the MBS, nobody cares.
For the FED it is no problem what the real value of the individual mortgages is, because these securities are mark-to- market and as the FED is the biggest purchaser, it sets the market price. The price of these securities are whatever the FED wants to pay for them when it buys these products and whatever it asks for it if they want to sell them.

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China’s central bank buys into Italian banks UniCredit, Monte dei Paschi

The Chinese central bank has bought a 2 percent stake in lenders UniCredit and Monte dei Paschi di Siena, adding to a string of investments in large Italian companies, a regulatory filing showed on Monday. Market regulator Consob said on its website that the People’s Bank of China owned 2.01 percent of Monte dei Paschi as of June 30. A similar investment in UniCredit was dated June 29. Source Reuters