Has some pizazz, doesn't it? It's kind of true what MattY is saying in this post, but the gold standard comment (third) is probably a better comparison. If the ECB is not going to act as lender of last resort, then the Euro really isn't functional.
Incidentally, the first commenter on Matt's post doesn't seem to understand fiat currency or the "lender of last resort" function even a little. It isn't--or at least shouldn't be--possible to be insolvent if you print and borrow in your own money (i.e. have fiat currency) but that requires the entity that does print your currency be a lender of last resort.
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